On Sunday, President Joe Biden’s chief economic adviser refused to say whether he thinks the United States is headed for a recession, instead asserting that the economy is in a “transitional moment,” Fox News informed.
During a “Fox News Sunday” interview, anchor Martha MacCallum questioned National Economic Council Director Brian Deese how he felt about judgments by PayPal founder and COO David Sacks and a growing list of others that the US is about to enter a recession.
Deese said that the US economy is in transition and that the US is moving from the heaviest economic recovery in history to a period of stable growth.
He also said that while there are certain risks associated with inflation, the most important thing to remember is that the United States is better positioned than any other large economy to bring inflation down and respond to challenges without sacrificing all of the economic gains, thanks to the strength of the recovery.
Deese also mentioned that the job market is the best it’s ever been in contemporary history.
He continued that Americans are returning to work in higher-paying occupations, and as a result, now they can save more, pay off debt, the businesses are investing more, entrepreneurs are starting new enterprises at record rates, and the manufacturing process is returning to the United States.
McCallum interjected, citing recent remarks by Bush administration economic adviser Glenn Hubbard, who claimed that regardless of the technical criteria, Americans believe they are in a recession.
McCallum asked if the citizens of the US should be aware that the country might be entering into a recession in the upcoming months.
The Biden administration official cited a report from this week claiming that the United States’ economy will grow faster this year than China’s for the very first time in decades. However, McCallum quickly made clear that China is in the midst of its most severe lockdown since the COVID-19 pandemic began, and Bloomberg reported that this is the reason why the United States is currently growing at a slightly higher rate.
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