Fox News anchor Martha MacCallum sparred with senior Biden economic adviser Gene Sperling over the state of the economy amid fears the United States is about the enter a recession.
On Monday, MacCallum asked Sperling what would define a recession.
“It is a significant contractionary period over a few months where those that make that determination look at a lot of different factors, particularly the jobs market,” replied Sterling.
Sperling laid out “three points of evidence as to why I think that the evidence is strong we’re not in a recessionary period and that in fact in the face of a very big global economy, the U.S. economy is showing special resistance”:
First, the job market. In the 40 years since 1982, there’s never been even a three-month period when we’re in recession where we’re creating over 75 or 76,000 jobs. The last three months, we created 375,000 jobs a month. We’ve created 2.7 million in the first six months. There has never been a recessionary period that’s seen a fraction of that level of job growth.
Second, when you look at the first quarter and you look at what I think you and most of your viewers would care most about, which is kind of private sector growth. That measure of private demand was actually up 3 percent. Not just a little, but 3 percent. That is very solid.
And third, you just had earnings reports from J.P. Morgan, Morgan Stanley, Citigroup that survey all of their customers. And you had the [CEO] of Citigroup saying no sign of recession. You had J.P. Morgan saying that in fact they’re seeing consumer spending 10 percent more than last year, 30 percent more than during the pandemic.
“Fair enough,” said MacCallum.
“None of that is consistent with a recessionary period,” said Sperling.
After going back and forth with MacCallum on if whether there could be a recession, Sperling noted that the average inflation rate of the 38 countries in the Organization of Economic Cooperation and Development, which includes the United States, “the average inflation rate is 9.6 percent and the core inflation rate is actually higher than the U.S. That it’s 9.4 percent in the UK. That it’s 8.6 percent –”
“You’ve made this point before, Gene,” interjected MacCallum. “I think it would be nice if it made us feel better.”
MacCallum pressed Sperling if President Joe Biden should run again in 2024 and if he would support him amid calls for Biden not to run for re-election. Sperling answered he would support Biden.
Watch above, via Fox News.
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