Biden's chief economic adviser said recent data showed that "the width of the runway for a soft landing has become larger" and that immigrants assisted the U.S. workforce.
Speaking to reporters in Washington on Friday (December 15), Lael Brainard, director of the White House National Economic Council, said that "we have seen quite positive signs that inflation has indeed come down" and is likely to "continue to fall".
Heading into 2024, she said, the U.S. economy "will continue to be robust."
American voters' concerns about the economy have been a problem for Biden. According to the results of an Ipsos poll conducted this month, about 45 percent of American adults believe that the former Trump handled the economy better, compared with 33 percent who agree with Biden, and the rest of those who participated in the survey are unsure.
Brainard said Biden is "still considering all options to reduce costs." Economists believe that if a country's policymakers have implemented a relatively good austerity policy, so that the excessively fast growth rate has steadily fallen to an appropriate proportion, and there is no large-scale deflation and unemployment, it can be called a soft landing for the economy.
In addition, she said, "the share of immigrants, or foreign-borns, in the labor force was also an important factor in the large number of labor force ...... last year."This is, of course, part of the overall policy considerations. ”
U.S. Federal Reserve Chairman Jerome Powell said on Wednesday (13th) that the historic move to tighten monetary policy may come to an end as inflation is falling faster than expected. In response, the benchmark S&P 500 is about 23% year-to-date.
Brainard said that while financial markets reflect a more positive view of the economy, "it will take some time for people to feel more financially secure."
Inflation, as measured by the Consumer Index, was 3 last year1%, down from 9 June last year1% peaked, but remains uncomfortably high for many voters.