Amid fears the U.S. is heading for a recession, a top White House official insisted Sunday that brighter days are ahead.
“Our economy’s in a period of transition,” National Economic Council Director Brian Deese told “Fox News Sunday.” “We’re moving from the strongest economic recovery in modern history to what can be a period of more stable and resilient growth.”
The comments came as prices have been skyrocketing and rising interest rates are rattling investors. Recent months have seen inflation reach levels not seen in decades. And large swings have been hitting Wall Street, with the S&P briefly dipping 20% Friday from its peak in January.
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Consumers are in a foul mood. Nearly seven in 10 Americans think the economy is “fairly bad” or “very bad,” according to a CBS News poll released Sunday.
Still, the U.S. is “better positioned than any other country to navigate through this and keep our recovery going,” Deese said Sunday.
He voiced faith in the Federal Reserve Board, which is expected to keep hiking interest rates, saying, “It has the tools to combat inflation.”
Deese also promised that the White House is working on steps to ease the economic pain for Americans.
“We need to reduce costs and make things more affordable for families during this period,” he said. “Steps that we can take to reduce the cost of the internet bills that families pay or the prescription drug prices that they pay are really important right now.”
With News Wire Services