{"id":1522916,"date":"2022-06-19T12:04:56","date_gmt":"2022-06-19T16:04:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1522916"},"modified":"2022-06-19T12:05:03","modified_gmt":"2022-06-19T16:05:03","slug":"top-obama-economic-advisor-whole-range-of-indicators-point-to-coming-recession","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-obama-economic-advisor-whole-range-of-indicators-point-to-coming-recession\/","title":{"rendered":"Top Obama Economic Advisor: \u2018Whole Range Of Indicators\u2019 Point To Coming Recession"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftop-obama-economic-advisor-whole-range-of-indicators-point-to-coming-recession%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1522916&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Former Obama administration economic adviser <a href=\"https:\/\/www.dailywire.com\/topic\/larry-summers\">Larry Summers<\/a> warned Sunday that all precedents in the <a href=\"https:\/\/www.dailywire.com\/topic\/economy\">economy<\/a> are pointing to a recession happening in the next two years.\u00a0<\/p>\n<p>Summers, appearing on \u201c<a href=\"https:\/\/www.nbcnews.com\/meet-the-press\/video\/fmr-treasury-secretary-larry-summers-says-recession-likely-by-end-of-next-year-142416965792\">Meet The Press<\/a>,\u201d told NBC News host Chuck Todd that \u201ca whole range of indicators\u201d \u2014 including markets, relative levels of <a href=\"https:\/\/www.dailywire.com\/topic\/interest-rates\">interest rates<\/a> at different durations, consumer expectations, and supply and demand \u2014 are pointing toward a recession, which is defined as two consecutive quarters of negative economic growth.\u00a0<\/p>\n<p>\u201cAll of that tells me that, while I wouldn\u2019t presume whether to judge the timing, the dominant probability would be by the end of next year we will be seeing a recession in the American economy,\u201d said Summers, who also served as treasury secretary in the 1990s. He also said that this perspective had become the common view among a number of statistical models and forecasters.\u00a0<\/p>\n<p>Noting economic precedents, Summers said in a different <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-14\/podcast-summers-predicts-a-u-s-recession-more-likely-than-a-soft-landing?srnd=premium\">Bloomberg<\/a> interview, \u201cIf you look at history, there has never been a moment when inflation was above 4% and unemployment was below 5% when we did not have a recession within the next two years.\u201d \u00a0<\/p>\n<p>The Biden administration, for its part, has been acknowledging the challenge of the economy but has also echoed in lock-step that an economic downturn isn\u2019t inevitable. Department of Energy Secretary <a href=\"https:\/\/www.dailywire.com\/topic\/jennifer-granholm\">Jennifer Granholm<\/a> and Department of Treasury Secretary <a href=\"https:\/\/www.dailywire.com\/news\/yellen-recession-not-inevitable-russias-war-to-blame-for-soaring-inflation\">Janet Yellen<\/a> both spoke to this point on Sunday morning news shows, as well.\u00a0<\/p>\n<p>\u201cI expect the economy to slow,\u201d Yellen told George Stephanopolous on ABC News. \u201cIt\u2019s been growing at a very rapid rate, as the economy, as the labor market, has recovered. We have reached full employment. It\u2019s natural now that we expect a transition to steady and stable growth, but I don\u2019t think a recession is at all inevitable.\u201d<\/p>\n<p>According to a <a href=\"https:\/\/www.dailywire.com\/news\/new-survey-reveals-when-ceos-expect-a-recession-to-hit\">Conference Board survey<\/a> of 750 CEOs released on Friday, a majority of top company execs foresee a recession in the next 12 to 18 months. A small minority, 15%, said in the same survey that the region in which their company operates is already in a recession. In a National Association of Manufacturers Survey, nearly <a href=\"https:\/\/www.dailywire.com\/news\/majority-of-manufacturers-predict-recession-within-the-next-year\">6 in 10 business leaders<\/a> indicated that a recession was more likely in the next year due to inflationary pressures.\u00a0<\/p>\n<p>President <a href=\"https:\/\/www.dailywire.com\/topic\/joe-biden\">Joe Biden<\/a> himself has suggested Vladimir Putin is partly responsible for rising costs and accused businesses of price gouging. On Thursday, in an interview with the Associated Press, Biden encouraged Americans to <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-recession-not-inevitable-tells-americans-they-shouldnt-believe-economist-warnings\">wait and see<\/a> whether economists were correct about their recession predictions.\u00a0<\/p>\n<p>\u201cThey shouldn\u2019t believe a warning. They should just say: \u2018Let\u2019s see. Let\u2019s see, which is correct.\u2019 And from my perspective, you talked about a recession. First of all, it\u2019s not inevitable,\u201d said Biden.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Obama administration economic adviser Larry Summers warned Sunday that all precedents in the economy are pointing to a recession happening in the next two years.\u00a0 Summers, appearing on \u201cMeet The Press,\u201d told NBC News host Chuck Todd that \u201ca whole range of indicators\u201d \u2014 including markets, relative levels of interest rates at different durations, &#8230;<\/p>\n","protected":false},"author":282,"featured_media":1522922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1522916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1522916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/282"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1522916"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1522916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1522922"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1522916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1522916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1522916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}