The Democrat governor of Kansas broke with White House officials this week, acknowledging the likelihood of a recession hitting the United States soon.
“We have managed the budget so well that we now have done all of these things: We have paid down billions of dollars in debt, and we have still left in our ending balance a $1.5 billion surplus. And that doesn’t count the now up to $950 [million] rainy day fund,” Gov. Laura Kelly said in a speech on Monday in reference to the state’s budget.
Her comments come several weeks after top White House officials, including President Joe Biden himself, rebuffed claims that a recession is looming.
“Come on, don’t make things up,” Biden told a reporter who asked about whether a recession was likely to occur. “Now you sound like a Republican politician, I’m joking, that was a joke, that was a joke,” he continued. “But all kidding aside, no I don’t think it is. I was talking to Larry Summers this morning, there’s nothing inevitable about a recession.”
“Our economy is 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,” he told Fox News in May.
“In the U.S., the Measure of CEO Confidence fell to 42, levels not seen since the start of COVID-19, while confidence levels in Europe dropped to 37. At 34, confidence levels were lowest among CEOs of Western and non-Chinese multinational companies in China, where the measure was taken for the first time. A reading below 50 denotes more negative than positive responses,” a report from The Conference Board said.