The Biden White House is betting the U.S. economy is strong enough to withstand threats to growth posed by inflation and the war in Ukraine. But there are growing fears of a coming economic slump among voters and some Wall Street analysts. Retired Ripon College economist Paul Schoofs admits the threat of a recession is greater than it’s been in quite a while. Schoofs says continued supply chain issues, the war in Ukraine and persistent inflation are a threat to the rate of economic growth. But Schoofs says he doesn’t think we’ll have a recession this year. However, at the same time, Schoofs says policies needed to reduce inflation could risk a recession. White House officials say the next few months will test whether president Biden built a durable recovery full of jobs with last year’s $1.9 trillion relief package.
