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White House economic adviser Brian Deese said Tuesday that while U.S. inflation is hurting Americans’ wallets, at least they are not facing famine like some other countries.
During the White House press briefing, the director of the National Economic Council argued that the United States is not on the brink of a recession and that the state of the economy, which hit inflation as high as 9.1% in June, could be much worse than the . is currently.
“I think our economy is more resilient to the types of challenges we’re facing,” Deese said. “For example, in terms of food, we’re a net exporter of agricultural goods. And obviously the high prices are hitting Americans very hard, but in a way that’s different than some places that are facing, say, famine. “
“But I think if you look at the core elements of economic resilience, the United States is better positioned,” he added.
SEE RECESSION: MORE AMERICANS STRUGGLE TO PAY THEIR BILLS, CENSUS BUREAU REPORTS
Deese said that despite the projections of many experts, a recession is not inevitable, and he repeated the curious claim made by Treasury Secretary Janet Yellen on Sunday about the “common definition” of a recession.
Yellen argued that the “common definition” of a recession is two consecutive quarters of negative GDP, and while economists expect to see negative growth again this quarter after seeing -1.4% last quarter, she said that It still wouldn’t mean that the US is in a recession.
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Deese reiterated Tuesday that “two negative quarters of GDP growth is not the technical definition of recession. It’s not the definition that economists have traditionally relied on.”
“There’s an organization called the National Bureau of Economic Research, and what they do is they look at a wide range of data and decide whether a recession has occurred or not,” he said. “It’s the process that economists and administrations have used for years and decades to identify when a recession has occurred.”