The White House is not preparing for an economic recession with President Joe Biden at the helm, because, as they say, there will not be a recession.
During an appearance on MSNBC on Thursday, White House Press Secretary Karine Jean-Pierre stated that there would be no recession and brushed off concerns around the federal reserve raising the interest rates again.
“So, Karine, we just talked about how the Federal Reserve [is] raising interest rates again to try to cool off inflation, but that has sparked real fears that the nation could be teetering on the edge of a recession,” Jonathan Lemire said. “How will the White House prepare for that?”
“So, I want to be clear. There is, we are not — there are no meetings or anything happening like that in preparing for a recession,” Jean-Pierre responded, “because, and I’ll say this very clearly and we have said this, our economic team has said this, Secretary Yellen has said this, you’ve heard this from the president — look, what we’re seeing right now is a strong labor market, and the reason we’re seeing the strong labor market is because of the bold action this president has taken.”
“We are heading into a transition from a stable and steady growth without, without losing any of the gains that we have made. And that’s because of the economic policy.”
Fox Baltimore reports: According to U.S. Bureau of Labor Statistics (BLS) data, the unemployment rate is, in fact, at 3.5%. However, the same data shows it was also at 3.5% in September 2019 under the Trump administration. That record low was hit in the midst of 13 months consistently under 4%.
The White House’s confidence does not appear to be shared amongst various economists and financial institutions.
The Conference Board, while referring to the start of the fourth quarter as “lows not seen since the depths of the Great Recession,” found that 98% of CEOs are preparing for a recession in the United States last month. The survey reveals 81% believe general economic conditions are worse than they were six months ago.
