White House Not Preparing for Recession — Chief of Staff Says US Economy Is Strong – Economics Bitcoin News

White House Chief of Staff Ron Klein says the US is not in recession. “The economy is growing. It’s strong,” he stressed. Additionally, White House Press Secretary Carine Jean-Pierre said there would be no meetings or anything to prepare for the recession.

White House dismisses recession concerns

White House Chief of Staff Ron Klein, chief of staff to President Joe Biden, shared his economic outlook in an interview with MSNBC on Thursday.

We are not in a recession… Jobless claims are at historically low levels… The economy is growing. Strong. is creating employment.

His statement echoes what Biden said last month when he emphasized that the US economy is “strong as hell.”

Additionally, White House Press Secretary Carine Jean-Pierre said in a television interview with news outlets that the White House is not preparing for a recession.

No meetings or anything like that to prepare for a recession. Because… look, what we’re seeing now is a strong labor market.

The press secretary then en route to Albuquerque, New Mexico, with President Biden said the administration is preparing for a recession, given that the bond market is projecting a 48% chance of a recession within the next year. Asked if it would be wise not to do so, according to Evercore ISI.

“Look, I just want to be really clear here,” she replied. , other economists say the strength of our labor market is out of line with the recession and the pre-recession. We believe our economy is incredibly resilient, as seen in

US officials continue to downplay recession concerns, but a recent survey showed that 98% of US chief executives are already preparing for a recession.

As the US Federal Reserve (Fed) continues to raise interest rates to fight inflation, a growing number of economists are warning of a deep recession. JP Morgan Chief Executive Jamie Dimon said the U.S. economy could slip into recession in six to nine months. However, he outlined some factors that are “much more concerning.” Tesla CEO and his Twitter boss Elon Musk thinks the U.S. recession could last until the spring of 2024, but veteran investor Jim Rogers said his I expect it to be the worst recession in the world.

What do you think of the White House Chief of Staff and Press Secretary’s comments? Let us know in the comments section below.

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