President Joe Biden’s top economic adviser played down the risk of recession in a recent interview, suggesting Americans be confident during what he called a “period of transition” of COVID-19 recovery.
While being asked about whether Americans should be prepared that the country is heading into a recession, the White House economic adviser repeated his previous claims and sidestepped the second part of the question from anchor Martha MacCallum.
“People should also take confidence that we are better positioned than any other country to navigate through this and keep our recovery going,” Deese said.
He then cited a recent report claiming the domestic economy may outstrip China on a calendar-year average basis for the first time in decades, which MacCallum soon directed to the reason, as Bloomberg reported, that China is in the middle of its deepest lockdown since the start of the pandemic.
Stating that the United States has “the strongest job market in modern history,” Deese admitted that gas and grocery costs “create real hardship and uncertainty” for Americans.
His remarks come as recession fears continue to mount among investors and consumers, as bankers, CEOs, and Wall Street veterans suggested a looming potential for hardship.
“The president has made it very clear that combating inflation is his top economic priority,” Deese told Fox News. He added that the administration aims to continue giving the Federal Reserve independence to fight inflation, and lower Internet and prescription drug prices, besides further cutting down the federal budget deficit.
