Austan Goolsbee, who worked as the Former Chairman of the Council of Economic Advisers for former President Barack Obama, revealed that President Joe Biden is playing a dangerous game and “underplaying the risk” of a recession.
During an interview on Friday with Fox News Channel’s “America’s Newsroom,” Goolsbee sounded the alarm about President Biden not taking the situation seriously.
Goolsbee said, “It felt a little like the president was underplaying the risk. This war in Ukraine is likely going to be quite extended. The U.S. is getting further involved. Russia cut off gas to Europe. I do think there are some substantial geopolitical risks to — that could usher us toward recessions.”
Many Americans still don’t realize just how close the economy is to crashing, and the resulting economic fallout could be worse than anything we have ever seen.
Even former Obama administration figures are pointing out that President Biden is mishandling this situation, or worse, simply doesn’t understand how bad things have gotten.
Exploding inflation combined with skyrocketing fuel prices has already put the squeeze on many Americans who will have less money to spend on consumer goods. Once that hits a critical point, the economy will crash, and right now, it seems like President Biden doesn’t care.
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