President Joe Biden’s chief economic adviser said Sunday that the risk of a recession was not to be dismissed but that the US was still doing well compared to the rest of the world.
In an interview in CNN’s “State of the Nation”, Brian Deese, director of the National Economic Council, said tackling inflation is the government’s top priority and that the Fed needs “room” to do its job. He also said that despite the recession potential, the US is still in a relatively good position.
““There are always risks, but we’re very comfortable with where the United States stands, especially when you look at a global landscape.” ”
Deese told CNN anchor Dana Bash that the Biden administration has weathered a number of “unanticipated challenges” over the past year, including new variants of COVID-19, supply chain shortages and the Russian invasion of Ukraine. He also argued that the country’s economy is moving towards a new growth cycle.
“Our economy is in a transition from the strongest recovery in modern American history to what may be a more stable and resilient period of growth that works better for families,” Deese said.
“There is no doubt that we are facing serious global challenges right now, most notably inflation, which is hitting families hard,” continued Deese. “But there’s also no doubt that the United States is better placed than any other major country in the world to address inflation without giving up all the economic gains we’ve had, and that’s because of the strength of our recovery.” ”
Last week, Wall Street went on its longest losing streak since 1932, as investors feared higher inflation was hurting corporate earnings and the Fed may have acted too slowly.
https://www.marketwatch.com/story/u-s-economy-in-a-better-position-than-most-countries-despite-recession-risk-biden-adviser-says-11653260517?rss=1&siteid=rss US economy ‘in better position’ than most countries despite risk of recession, says Biden adviser