Connect with us

Hi, what are you looking for?

Politics

White House economic adviser says U.S. better off than countries ‘facing famine’

White House economic adviser Brian Deese said Tuesday that while U.S. inflation is hurting Americans in their wallets, at least they’re not facing famine like some other countries.

During the White House press briefing, the National Economic Council director argued that the U.S. is not on the brink of a recession and that the state of the economy, which hit a whopping 9.1% inflation rate in June, could be a lot worse than it is currently.

“I think that our economy is more resilient to the types of challenges that we face,” Deese said. “For example, with respect to food, we’re a net exporter of agricultural commodities. And obviously, the high prices are hitting Americans very hard, but in a way that is different from some places that are facing famine, for example.”

“But I think if you look at the core elements of economic resilience, the United States is better positioned,” he added.

RECESSION WATCH: MORE AMERICANS STRUGGLING TO PAY THEIR BILLS, CENSUS BUREAU REPORTS

Deese said that despite projections by many experts, a recession is not inevitable, and he repeated the curious claim made by Treasury Secretary Janet Yellen on Sunday about the “common definition” of a recession.

Yellen argued that the “common definition” for a recession is two consecutive quarters of negative GDP, and while economists expect to see negative growth again this quarter after seeing -1.4% last quarter, she said that still wouldn’t mean the U.S. is in a recession.

Treasury Secretary Janet Yellen on Sunday downplayed recession fears, saying the U.S. economy is "not an economy that's in recession."

Deese reiterated Tuesday that “two negative quarters of GDP growth is not the technical definition of recession. It’s not the definition that economists have traditionally relied on.”

“There is an organization called the National Bureau of Economic Research, and what they do is they look at a broad range of data and deciding whether or not a recession has occurred,” he said. “That is the process that economists and administrations have used for years and decades to identify when a recession has occurred.”

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like

Politics

EXCLUSIVE: GOP senators James Lankford and Rick Scott are demanding that the Senate be briefed by the FBI, Department of Justice and National Archives...

United States

Their focus is on reaching young voters of color, a famously hard-to-reach demographic that tends to tune out politics. For Democrats, they are an...

Politics

The official who triggered the federal probe into former President Donald Trump’s handling of classified documents opted against doing the same concerning Hillary Clinton’s...

United States

Representative Liz Cheney of Wyoming is highlighting her role as the top Republican on the Jan. 6 committee in a closing ad for her...

Politics

A source close to former President Trump told Fox News Thursday that new reports suggesting an informant tipped off the FBI about alleged sensitive...

Politics

Attorney General Merrick Garland is under fire from congressional Republicans after admitting Thursday to personally approving the raid on former President Donald Trump’s Mar-a-Lago...

United States

Good afternoon. Since I became attorney general, I have made clear that the Department of Justice will speak through its court filings and its...

Politics

Attorney General Merrick Garland said he “personally approved” the decision to seek a search warrant for former President Trump’s private residence at Mar-a-Lago, saying...