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.
"So, I’m asking for your opinion as the economic adviser at the White House. Should people be prepared in the United States that we are or will be in several months heading into a recession?" McCallum asked.
"What people should know is we are in this period of transition to more stable growth," Deese responded."People should also take confidence that we are better positioned than any other country to navigate through this and keep our recovery going." grow faster this year than China’s economy Brian Deese, director of the National Economic Council, speaks during a news conference at the White House in Washington, D.C., U.S., on March 31, 2022.
"What you’re hearing from the president is that we need to distinguish between the short term and the long term. In the short term, this president has made clear that we need to increase the supply of oil on the market to blunt the impact of Putin’s war in Ukraine and Russian supply coming off the market," Deese said."So, what the president has done, it has been to encourage the domestic industry to increase production right now, not years in the future, but right now.
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