Reuters reports on remarks from Heather Boushey, a member of President Joe Biden's Council of Economic Advisers, on Tuesday at an event hosted by the Washington Post.
- Asked about Biden's recent comment that a recession was not inevitable, Boushey said she agreed, adding strong family balance sheets, the low unemployment rate and the economy's ability to weather the COVID-19 pandemic and other "storms," without elaborating on specific data.
- "That gives us some confidence that should oil prices continue to be high or maybe go up, which would be horrible, ... there's enough of wiggle room that businesses and families will be able to make it through because they have resources to fall back on,"
Sheesh. This does not sound too convincing and I suspect she is just going through the motions. Other members of Biden's administration are talking the economy up also. For example:
I hope they are correct.
---
ps. Private sector comments:
- Nomura forecasts an extended US recession beginning this year
- Goldman Sachs see a US recession in the next year, probability of 30% (prior was 15%)
Biden & Yellen
