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Steve Forbes sounds alarm on US economy: ‘Not a good picture’

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Forbes Media Editor-in-Chief Steve Forbes argued on Friday the U.S. economy is not a “good picture” because the Biden administration put up barriers to the recovery post-pandemic, with inflation and high gas prices.

“What the American economy is showing is that it’s ready to roar if you remove these uncertainties and barriers,” Forbes told host Gillian Turner on “The Faulkner Focus.”

He said the administration has been “scapegoating” companies as prices rise, warning about the Federal Reserve’s plan for a “soft landing” in the form of a recession. 

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Forbes’ comments came after Biden on Friday touted the better-than-expected May jobs report as evidence of the economy’s underlying strength, as he attempts to convince Americans that his administration engineered a successful economic recovery in the face of a souring public mood and roaring high inflation.

The Washington Post editorial board criticized President Biden’s plan to forgive student loans on Tuesday. Anna Moneymaker/Getty Images (Anna Moneymaker/Getty Images)

“I know that in the face of today’s good news, a lot of Americans remain anxious. And I understand the feeling,” Biden said from the White House

“There’s no denying that high prices, particularly around gasoline and food, are a real problem for people. But there’s every reason for the American people to feel confident we will meet these challenges. Because of the enormous progress we’ve made on the economy, the Americans can tackle inflation from a position of strength.”

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His comments came after the Labor Department’s surprisingly strong payroll report, which showed that employers added 390,000 jobs in May, topping the 328,000 jobs forecast by Refinitiv economists. 

The unemployment rate, meanwhile, held steady at 3.6%, the lowest level since February 2020.

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Forbes called out the Biden administration for blaming others for the economic fallout instead of taking responsibility. He explained that, for instance, Biden can’t blame the Federal Reserve for inflation after reappointing Jerome Powell as chairman.

“So he can’t say, oh, it’s their fault for the inflation, not mine,” Forbes added.

“And so they’re hurting the recovery from non-monetary inflation, the lockdowns, and the Federal Reserve has a huge problem of having printed too much money, and now they’re ready to flood the economy, which means more inflation in 2023. Not a good picture.”

FOX Business’ Megan Henney contributed to this report.

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