White House Chief Of Staff Ron Klain said that America isn’t in recession. “The economy is growing. It is strong,” he stressed. Karine Jean-Pierre, White House Press Secretary said that no meetings are taking place or anything is being done to prepare for a downturn.
Recession concerns dismissed by White House
White House Chief of Staff Ron Klain, President Joe Biden’s top aide, shared his economic outlook in an interview with MSNBC Thursday. He explained:
We are not in a recession … Unemployment claims remain at a historical low … The economy is growing. It is healthy. It’s creating new jobs.
His statement echoes what Biden said last month, when he emphasized that the U.S. economy is “strong as hell.”
Karine Jean-Pierre (White House Press Secretary) stated that in a television interview, the White House wasn’t preparing for recession.
There are no meetings or anything happening like that in preparing for a recession because … look, what we’re seeing right now is a strong labor market.
Later, the press secretary was asked by President Biden while on Friday’s trip to Albuquerque (New Mexico) whether it would be prudent for the administration not to prepare for a possible recession. According to Evercore ISI, the bond market forecasts a 48% probability of recession in the following year.
“Look, I just want to be really clear here,” she replied. “It’s not just us saying this, I’m only laying that out. Because it’s not just us at the administration, but it’s other economists that are saying that the strength of our labor market is just not consistent — it really isn’t — with a recession or with even a pre-recession. We believe our economy is incredibly resilient, as we have been seeing under this administration, because of the work that this president has done, because of his economic policies.”
Yet, while top U.S. officials still downplay the possibility of recession worries, 98% said they are already planning for one. Biden’s administration is also accused of trying redefine the meaning of a recession.
Economists warn of severe recession as Federal Reserve keeps raising interest rates in an effort to curb inflation. Jamie Dimon, CEO of JPMorgan said that the U.S. could fall into recession within six to nine months. However, he outlined several factors that are “far more concerning.” Tesla CEO and Twitter boss Elon Musk believes that the U.S. recession could last until the spring of 2024 while veteran investor Jim Rogers expects it to be the worst recession in his lifetime.
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