Pres. Trump: ‘I don’t see a recession’

U.S. & World

(NBC News)   President Trump is shrugging off concerns of a possible recession.

“I don’t think we’re having a recession. We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut, and they’re loaded up with money,” President Trump told reporters Sunday.

Fear of a recession spiked last week when a so-called “inverted yield curve” took place on Wednesday. That curve meant the benchmark 10-year Treasury note broke below the 2-year rate, a rare occurrence that has reliably predicted past economic recessions. The “inverted yield curve” coincided with an 800-point drop in the stock market, though markets experienced a slight recovery later in the week.

White House officials are insisting that the economy will remain strong through the 2020 election. 

“They are spending at a rapid pace. They’re actually saving, also, while they’re spending,” National Economic Council Director Larry Kudlow said on “Meet The Press.”

While the White House is hard selling a booming economy, many aren’t buying.

The trade war with China is amping up fears of a worldwide economic downturn, and a new survey finds a majority of economists expect the president’s policies will lead to recession.

Grab the FREE WDTN News App from the Apple Store or Google play. Stay up to date with all the local news, weather and sports as well as live newscasts and events as they happen.

news-app-download-apple news-app-download-google-play

Like us on Facebook, follow us on Twitter and Instagram for all the latest news, weather and sports.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Video on WDTN.com

Don't Miss

Interactive Radar

More As Seen on 2 NEWS