White House Reports Sudden “Transition” – Public Notified!
(NewsReady.com) – Talks about a possible recession have swirled since the COVID-19 pandemic’s economic upheaval began in 2020. Former President Donald Trump did a good job keeping a lot of the damage at bay, but President Joe Biden has not been quite as successful. Banks are now warning about a possible recession, but the White House is downplaying the possibility.
On May 22, White House National Economic Council Director Brian Deese told “Fox News Sunday” that he believes the “economy is in a period of transition.” He went on to say the country is “moving from the strongest economic recovery in modern history” to one that’s “more stable and resilient.”
When asked if the U.S. economy is on the brink of a recession, @BrianDeeseNEC said "Our economy's in a period of transition. We're moving from the strongest economic recovery in modern history, to what can be a period of more stable and resilient growth." #FoxNewsSunday
— Fox News Sunday (@FoxNewsSunday) May 22, 2022
Deese’s comments come amid warnings from banks that the economy is headed down the wrong path. On May 15, former Goldman Sachs CEO Lloyd Blankfein told CBS there is a “very, very high risk” of an economic downturn. Morgan Stanley has also warned there’s a 27% chance of a recession in the next year; that’s up from just 5% in March.
On May 17, Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, spoke out at a town hall event in Michigan and said it’s possible the central bank will need to trigger a recession to bring down inflation.
When Neese was asked about a recession during the Fox interview, he sidestepped the question and just said the country is well-positioned to keep the recovery moving forward.
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