President Biden’s chief economic adviser on Sunday refused to state whether he believes the U.S. is headed into a recession, instead claiming that the American economy is in a “period of transition.”
During a “Fox News Sunday” interview, host Martha MacCallum asked National Economic Council Director Brian Deese to react to assessments by PayPal founding COO David Sacks and a growing list of others suggesting the United States is heading into a recession in the near future.
“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,” Deese responded, “And while there are absolutely risks with inflation at front and first and foremost, this is what is most important: The United States is positioned better than any other major economy to bring inflation down and address these challenges without giving up all of the economic gains we’ve made, and that’s because of the strength of our recovery. We have the strongest job market in modern history.”