President Biden: U.S. economy enroute to ‘new plateau,’ amid recession fears

President Biden: U.S. economy enroute to 'new plateau,' amid recession fears

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US President Joe Biden said on Thursday the U.S. economy was seeing “really bright spots” after a rough few years and was headed to a “new plateau,” a new term for the stable, slower growth White House officials see ahead.

While investors, many economists, and some CEOs have cautioned recently that a U.S. recession is due in 2023, the Biden administration believes it unlikely partly because of federal spending.

Biden told members of his Cabinet ahead of a private meeting that he sees public and private investments of $3.5 trillion in manufacturing and technology over the next decade strengthening the U.S. economy and boosting prospects for American companies and workers.

“This is not about getting to a level spot. This is about going to a new plateau,” the Democratic president said. “We’re the only country in the world who’s come out of the crisis stronger than we went in.”

“That doesn’t mean it’s all over. It means we’re off to a pretty darned good start,” he said. “I just don’t want to get us suckered into thinking we can let up on the gas pedal.”

Speaking to Cabinet members, Biden also lauded plans by the U.S. Federal Trade Commission, which enforces antitrust law, to ban companies from requiring workers to sign noncompete and some training repayment agreements that keep workers from leaving for better jobs. read more

“The bottom line is, I believe our economic vision is working, and we’re in the process of implementing the first pieces we’ve gotten done, and we’re going to move on,” he said.

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Benjamin noha
About Benjamin Noah 169 Articles
Benjamin is an all-around geek who loves learning new stuff every day. With a background in computer science and a passion for web-based technologies and gadgets and focus on writing about Web Trends, Smartphones, and Tablets.