Commerce Chief: Let's Stop 'Talking Ourselves Into a Recession'

Gina Raimondo says a severe downturn is not inevitable
By Newser Editors,  Newser Staff
Posted Jul 10, 2022 10:24 AM CDT
Commerce Chief: Let's Stop 'Talking Ourselves Into a Recession'
Secretary of Commerce Gina Raimondo, in a file photo.   (AP Photo/Markus Schreiber)

Commerce Secretary Gina Raimondo is worried that talk of a recession will become a self-fulfilling prophecy. In an ABC News interview Sunday with George Stephanopoulos on This Week, Raimondo recounted a recent conversation with an unnamed CEO. "He said, 'The economy's strong. Customers are buying. Businesses are strong. People are adding jobs.' He said, 'We're trying to talk ourselves into a recession.'" To which Raimondo added, "And I agree with that, you know?"

Her comments come in the wake of a stronger-than-expected jobs report last week, one that showed hiring remains robust. “The fundamentals of this economy are very strong,” Raimondo said, per the Hill. “Inflation is our problem, and it is our top priority. And so I think perhaps a transition to a more traditional growth level, but I don’t think we should be talking ourselves into a recession.”

She also acknowledged the financial strain families are under because of sky-high prices at gas pumps and supermarkets, and said she and others in the Biden administration understand that. But, in general, she sought to tamp down economic fears. “I do think at some point, we will see a less rapid growth in the economy, but I don’t see any reason to think that we will have a serious recession,” Raimondo said. (More recession stories.)

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