July 1, 2022

White House economic advisor refuses to rule out coming recession

White House National Economic Council Director Brian Deese refused to rule out a coming recession during a Sunday interview.

Deese shared the concerning remarks during comments with CNN’s Dana Bash on “State of the Union.”

“There are always risks,” Deese admitted. “Our economy is in a transition from what has been the strongest recovery in modern American history to what can be a period of more stable and resilient growth that works better for families.

“There’s no doubt we face serious global challenges, inflation first and foremost among them, and it’s hitting families hard. But there’s also no doubt that the United States is in a better position than any other major country around the world to address inflation without giving up all the economic gains that we’ve had.”

“Bank of America, Deutsche Bank, Wells Fargo and Goldman Sachs are among the most notable firms forecasting the possibility of a downturn within the next two years, as the U.S. central bank moves to aggressively tighten monetary policy in order to cool consumer demand and bring inflation back down to its 2% target,” Fox Business added.

The recession may be uncertain regarding its timing, but it appears one is coming soon as the Biden administration’s woes continue.

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1 month ago

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1 month ago

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