Biden top economic adviser dodges recession questions, claims US economy merely in 'period of transition'
Fox News
President Biden’s National Economic Council Director Brian Deese refused to use the term recession to categorize the state of the U.S. economy, instead saying that America “is in a period of transition” amid soaring inflation.
"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."
"Americans are getting back to work in jobs with higher pay," he continued. "That’s meant that Americans can increase their savings, pay down their debt, businesses are investing, entrepreneurs are creating new businesses at record rates, and manufacturing is coming back to the United States."