Bank of America Chief showers criticism on President Biden for trying to

Washington: There is a technical discussion on whether or not there is a recession in the United States. But this discussion does not cover the fundamental issues. This means higher rents and higher fuel prices are hitting the US population. At such a time, claims are being made by the White House that there is no recession in the United States by citing the definition of recession and this will not be a beneficial thing for the country.

Moreover, due to the wrong policies of President Joe Biden, inflation has been steadily increasing in the United States over the past year. This record inflation is taking a heavy toll on the ordinary US people. In the last six months, it was revealed that American citizens had to spend an amount of $114 billion out of their emergency savings. Reports show US citizens facing inflation, unemployment and recession are now turning to food banks.

Due to this, resentment against the Biden administration is increasing among the US people and in a survey released last month, 88% of the voters said that the country is on the wrong track. Whereas 54% of the voters criticised that the US middle class did not benefit from Biden’s policies. While the entire nation was lashing out, the White House held a press conference to clarify whether the United States was in a recession. In this, the White House tried to convince the country that there was no recession by citing the definition of recession.

Furthermore, there was severe criticism on US social media that the White House is desperate to save President Biden. Analysts in the United States and Europe seriously criticised this effort of the Biden administration. These analysts said that the Biden administration does not have a concrete strategy for economic reforms. This has affected the US stock market and big banks and financial institutions are in trouble.

Bank of America happens to be one of these banks. While speaking to international news agencies, the bank’s CEO, Brian Moynihan, launched his first attack on the White House’s definition of recession. Moynihan demanded that the US people need help to escape this financial crisis. Also, the head of Bank of America harshly criticised that the White House is not aware of what the US people are feeling now.

Moynihan’s criticism has once again highlighted the fact that the Biden administration does not have the economic programs or plans needed to help the US economy to recover.