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President Biden’s top economic adviser on Sunday declined to say whether he thinks the U.S. is headed for a recession, instead claiming the U.S. economy is in a “transition period.”
In a “Fox News Sunday” interview, host Martha McCallum asked Director of the National Economic Commission Brian Deese reacts to the assessment of PayPal founder COO David Sacks and a growing number of others suggesting that the U.S. will be in the near future into recession.
“Our economy is in transition. We are transitioning from the strongest economic recovery in modern history to a period of more stable and resilient growth,” Diess responded, “although there are absolute risk of inflation First and foremost: America is in a better position than any other major economy to lower inflation and meet these challenges without giving up all the economic gains we’ve made because of the strength of our recovery. We have the strongest job market in modern history. “
“Americans are getting back into high-paying jobs,” he continued. “It means Americans can increase their savings, pay down their debt, businesses are investing, entrepreneurs are creating new businesses at a record rate, and manufacturing is coming back to America.”
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Brian Diess, director of the National Economic Council, speaks during a news conference at the White House on May 16, 2022.
(Photographer: Al Drago/Bloomberg via Getty Images)
McCallum chimed in to say that recent remarks by Glenn Hubbard, an economic adviser to the Bush administration, suggest that Americans feel like they are in a recession, regardless of technological benchmarks. Current Treasury Secretary Janet Yellen It has also recently been claimed that rising food and gas prices are having a “stagflationary effect”, and Federal Reserve Chairman Jerome Powell Said Americans can expect “some pain” as the central bank raises interest rates to combat soaring inflation.
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“So, as an economic adviser to the White House, I want to ask for your opinion. Should people in the U.S. prepare for a recession that we are or will be in in a few months?” McCallum asked.
President Joe Biden speaks in the Roosevelt Room of the White House on May 4, 2022 in Washington, DC, U.S.
(Photographer: Ting Shen/Bloomberg via Getty Images)
“What people should know is that we are in a period of transition to more stable growth,” Diess responded. “People should also believe that we are better equipped than any other country to get through this and keep the recovery going.”
Biden administration officials cited a report this week that said the U.S. economy may Growth outpaces China’s economy this year This is the first time in decades, but McCallum was quick to clarify that China is in the midst of its worst lockdown since the start of the COVID-19 pandemic, which Bloomberg reports is a slightly higher level of growth in the U.S. s reason.
National Economic Council Director Brian Diess speaks during a news conference at the White House in Washington, DC, U.S., March 31, 2022.
(Photographer: Michael Reynolds/EPA/Bloomberg via Getty Images)
Diess acknowledged that rising prices at gas stations and grocery stores “created real hardship and uncertainty” for Americans, so “that’s why the president has made it clear that fighting inflation is his top economic priority.” The administration’s goal is to continue to give the Fed independence to fight inflation, lower the prices of prescription drugs and the Internet, and further reduce the deficit that has already shrunk by $1.5 trillion this year, he said.
Earlier, President Biden spoke in Seoul, South Korea Applauds Hyundai’s $10 million commitment Investing in electric vehicles and related technologies in the U.S., saying the country is heading for an “all-electric future.” But instead of pushing for green energy, McCallum noted that many Americans are calling on the president to increase domestic oil and gas supplies to lower prices globally.
“What you hear from the president is that we need to distinguish between the short term and the long term. In the short term, the president has made it clear that we need to increase the supply of oil on the market to mitigate the impact. Putin’s war in Ukraine and Russia’s supply from disappeared from the market,” Diess said. “So, what the president is doing is encouraging domestic industry to increase production now, not in the next few years, but now.”
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The Biden administration has pledged to increase production by 1 million barrels per day by the fall and release the same amount of oil from the Strategic Petroleum Reserve before then, he said.
“But we also know that our car companies and the auto industry are moving towards electric vehicles. We are moving towards an electric future. We want that transition to happen. We want people to have these choices. It’s better for the environment. These cars It’s fun to drive. People love them. We want more of these cars to be made in the U.S. with a secure supply chain so we’re not dependent on foreign and uncertain supplies. We want to accelerate this process for American consumers very good.”
