Analysis: Where is the US headed financially?

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(NewsNation) — NewsNation business contributor Lydia Moynihan discusses what President Joe Biden said while visiting blue-collar workers in Ohio on Wednesday and what it means for the possibility of a recession in the U.S.

Biden showcased a final rule tied to his $1.9 trillion coronavirus relief package that protects pensions, ensuring full benefits for 2 million to 3 million workers and retirees.

“The read on this is that he’s trying to take control of the narrative and turn the ship around and get people to feel confident that he’s really controlling what’s happening in the economy, that he can manage inflation,” Moynihan said during an appearance on “Rush Hour.”

Biden was in Ohio to make his political case that he’s been a champion for workers in the White House.

“But the bottom line is that more than half of Americans feel they are worse off financially than they were a year ago. More people are living paycheck to paycheck. You’re seeing more retirees who he’s claiming to help have to come out of retirement because inflation is taking a bite out of their savings,” Moynihan said.

“This is certainly a valiant effort on his part, to try and regain control (of) the narrative. But, you know, I think the Biden administration’s economic policy has really been marked by a series of missteps. They’re trying to fight inflation by spending more money, which is actually the problem, not the solution.”

Watch the full interview with Lydia Moynihan in the video player at the top of the page.

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