White House defends economic record despite tech layoffs
Haisten Willis
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The White House says the economy remains on a path toward steady and stable growth despite massive tech layoffs that have been announced in recent weeks.
Tech companies, including Spotify, Google parent Alphabet, Amazon, and Salesforce have all announced thousands of layoffs, retail sales have dropped off for the last two months, and inflation remains more than three times the Federal Reserve’s 2% target.
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Despite those facts, the overall picture remains strong, according to press secretary Karine Jean-Pierre.
“We are still seeing the transition to stable and steady growth,” Jean-Pierre said. “Yes, there are layoffs that you’re asking me about, and we’ve previously said on the broader economy that layoffs remain near record lows.”
Jean-Pierre pointed to legislation passed in the last Congress, including the $1.2 trillion Infrastructure Investment and Jobs Act and the $1.9 trillion, Democrats-only American Rescue Plan that Republicans have blamed for inflation, as ways the Biden administration is boosting the economy.
The rate of inflation has also fallen to 6.2% after peaking at 9.1% over the summer.
But nearly half of the public thinks the economy is already in a recession, so the White House has its work cut out for it to keep the mood optimistic.
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“Let’s not forget, unemployment is the lowest that we have seen it in 50 years,” Jean-Pierre said. “And so, again, this is an economic policy and an economic plan that is working. A lot of it is because the president has taken bold steps.”
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