Is the US heading for recession?
Analysts say Trump's tariffs could make products costlier, price hikes, and unemployment. Treasury Secretary
Scott Bessnt says he cannot rule out recession hitting the US economy. There is no guarantee. Who predicted covid?
No guarantees that Recession will not hit the United States shortly тАУ Scott Bessent, Treasury Secretary in the Trump Administration тАУ Is the recession for real? An analysis┬а
By TN Ashok
US Treasury Secretary Scott Bessent declined to rule out the possibility of recession hitting the US economy shortly. "There are no guarantees" when it comes to a potential recession hitting the United States. "Like who would have predicted COVID?"┬а
Bessent told NBC's Kristen Welker when asked on "Meet the Press" whether he could reassure Americans about the country's economic future. I can predict that we are putting in robust policies that will be durable," Bessent added, including trying to "wean our country off" of "massive government spending." His comments come as other members of President Donald Trump's administration, including the president himself, have similarly hesitated to make promises about what is to come for the nation's finances.
Meanwhile, consumer confidence has plunged, and 54% of voters in a recent NBC News poll say they disapprove of Trump's handling of the economy. J.P. Morgan's chief economist said last week that there is a 40% chance of a U.S. recession in 2025. I hate to predict things like that," Trump told Fox host Maria Bartiromo last week when asked about the possibility of a recession this year.
Trump promised a boom: Now he is bracing Americans for economic turbulence.
"There is a period of transition," the president continued, "because what weтАЩre doing is very big."
Bessent this weekend said he believes there's "no reason" that an adjustment period has to mean recession.
"I can tell you that if we kept on this track, what I could guarantee is we would have had a financial crisis," Bessent said, referring to spending levels and policies prior to Trump taking office. "We are resetting, and we are putting things on a sustainable path."
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US Treasury Secretary Scott Bessent declined to rule out the possibility of recession hitting the US economy shortly. тАЬThere are no guarante