President Joe Biden’s top economic adviser said on Sunday that the risk of a recession could not be ruled out, but that the US was still doing well compared to the rest of the world.
In an interview with CNN’s “State of the Nation,” Brian Deese, director of the National Economic Council, said that fighting inflation is the government’s top priority and that the Fed needs “space” to do so. his job. He also said that despite the potential for a recession, the US is still in a relatively good position.
““There are always risks, but we feel great about where the United States is, especially when you look at a global picture.” ”
Deese told CNN host Dana Bash that the Biden administration has addressed a number of “unexpected challenges” over the past year, including new variants of COVID-19, bottlenecks in the chain Russian supply and invasion of Ukraine. He also argued that the country’s economy is moving towards what could be a new growth cycle.
“Our economy is in a transition from what has been the strongest recovery in modern U.S. history to what may be a period of more stable and resilient growth that works best for families,” Deese said.
“There is no doubt that we are facing serious global challenges right now, inflation in the first place, and it is severely affecting families,” Deese continued. “But there is no doubt that the United States is in a better position than any other major country in the world to tackle inflation without giving up all the economic gains we have had, and that is because of the strength of our recovery. “.
Last week, Wall Street had its longest loss streak since 1932, amid investor anxiety because higher inflation is slowing corporate earnings and the Fed may have acted too slowly.