In an interview on “Face the Nation,” Gary Cohn, IBM vice chairman and former economic advisor, discussed the current U.S. economy, highlighting a strong GDP growth of about 5% but noting challenges for many Americans coping with bills. He emphasized that recent layoffs by major companies stem from workforce adjustments post-COVID and rising input costs. Cohn acknowledged the White House’s awareness of consumer struggles and mentioned President Biden’s proposal for a one-year cap on credit card rates at 10% as a potential solution.
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