Officials say the economy is headed into a transitionary phase for the better
DELMARVA – Many Americans are feeling the effects of the economy changing.
Some are even afraid a recession may occur. 47 ABC spoke with White House officials to get a closer look at what is happening. They tell us that the economy is entering a transitionary phase, however, it’s not all bad.
The White House Deputy Director for Economics says that Americans have been feeling the effects of inflation as a result of the attack on Ukraine, on top of the global pandemic. He says its time we enter this transitionary phase – which looks something like this:
“We phase down some of these emergency measures but we do better than we did pre-pandemic when a lot of that economic growth in this country just went to those at the very top. The President has been very clear that we need to get to an economy that’s middle class first, where middle class families feel those benefits first and that is what we’re trying to achieve right now,” says Bharat Ramamurti.
The Deputy also tells 47 ABC that because the unemployment rate is lowered, fewer jobs will be added to the market. He wants you to know not to panic because it will still allow for a steady growth in the middle class.