What’s next for the US economy? A government official’s take on recession fears
- Replies 0
In the ebb and flow of economic tides, the word “recession” can strike a chord of concern in the hearts of many, particularly those who have weathered financial storms before.
As we navigate the uncertain waters of today's economy, the question on everyone's mind is: Are we headed for another recession?
This is a particularly poignant question for American seniors, many of whom are living on fixed incomes and have vivid memories of past economic downturns.
Recently, US Treasury Secretary Scott Bessent, a key figure in President Donald Trump's administration, addressed this looming question.
During a Sunday interview, when pressed to provide assurances against a recession, Bessent's response was that there are “No guarantees.”
Economists have raised concerns about a potential recession in recent weeks, citing market turmoil linked to tariffs imposed—and in some cases, later removed—by the Trump administration. Trump has also repeatedly threatened additional tariffs.
The S&P 500 has declined by 10% from its all-time high in February, while the February jobs report indicated a slight rise in the unemployment rate as hiring slowed.
Bessent, who assumed leadership of the Treasury at the end of January following his nomination by Trump, appeared on NBC News' Meet the Press on Sunday. During the interview, host Kristen Welker pressed him on recession concerns.
"Can you guarantee the American people, here and now, that there will be no recession on President Trump's watch?" Welker asked.
Bessent responded, "You know there are no guarantees. Who would have predicted COVID? What I can say is that we are implementing robust policies designed to be durable. Could there be an adjustment? Possibly."
He continued, "The massive government spending we've seen in recent years—if that had continued unchecked, we would have had to wean the country off it eventually. On the other side of that transition, we aim to invigorate the private sector."
You might be interested: Be prepared: The unexpected sign of a looming recession—spotted in unexpected places!
Touting a recent meeting with bankers, Bessent added, "They are ready to start lending. Main Street is going to do well."
Bessent’s comments mirrored Trump’s response to a similar question during an interview with Fox News' Maria Bartiromo the previous Sunday. When asked about the possibility of a recession, Trump stopped short of ruling one out.
"I hate to predict things like that," Trump said. "There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing... it takes a little time, but I think it should be great for us."
Source: Fox News / Youtube.
In a separate interview on Fox News’ The Ingraham Angle last Thursday, host Laura Ingraham posed a similar question to Vice President JD Vance:
"Can you rule out a recession, even a temporary one?"
Also read: Cost-saver coming to the rescue? How a new “affordability czar” could save you money
Vance responded, "Well, look, you can never predict the future." However, he remained optimistic, stating, "The fundamentals of the economy are actually quite strong right now, and we'll see how this unfolds."
Meanwhile, Commerce Secretary Howard Lutnick struck a more confident tone on Meet the Press last Sunday, insisting that Americans should "absolutely not" brace for a recession.
Despite this, the stock market plunged the following Monday, a reaction seemingly tied to concerns over Trump’s comments.
Source: CBS News / Youtube.
"Consumer sentiment is declining rapidly both for households making more than $100,000 and less than $100,000... Consumer worries about losing their jobs are at levels normally seen during recessions." said Torsten Sløk, Apollo chief economist, after analyzing recent survey data last week.
Robert Reich, an economist and former Labor secretary, posted, "The economy is showing severe warning signs after Trump's first month in office. This shouldn't be surprising. He doesn't understand the economy and tanked pretty much every business he ever touched."
The full effects of Trump's policies on the stock market and overall economy are still uncertain. However, the administration has been indicating that some economic turbulence may be expected in the near future.
Recommended for you: Economists reveal: Is the US on the brink of a recession? See if finances are at risk
Have you taken any steps to prepare for a potential economic downturn? What advice would you give to fellow readers on safeguarding their finances? Share your insights and experiences in the comments below, but please remember to remain respectful.
As we navigate the uncertain waters of today's economy, the question on everyone's mind is: Are we headed for another recession?
This is a particularly poignant question for American seniors, many of whom are living on fixed incomes and have vivid memories of past economic downturns.
Recently, US Treasury Secretary Scott Bessent, a key figure in President Donald Trump's administration, addressed this looming question.
During a Sunday interview, when pressed to provide assurances against a recession, Bessent's response was that there are “No guarantees.”
Economists have raised concerns about a potential recession in recent weeks, citing market turmoil linked to tariffs imposed—and in some cases, later removed—by the Trump administration. Trump has also repeatedly threatened additional tariffs.
The S&P 500 has declined by 10% from its all-time high in February, while the February jobs report indicated a slight rise in the unemployment rate as hiring slowed.
US Treasury Secretary Scott Bessent stated that there are “no guarantees” to avoid a recession during President Trump's term. Image source: CNBC Television / Youtube.
Bessent, who assumed leadership of the Treasury at the end of January following his nomination by Trump, appeared on NBC News' Meet the Press on Sunday. During the interview, host Kristen Welker pressed him on recession concerns.
"Can you guarantee the American people, here and now, that there will be no recession on President Trump's watch?" Welker asked.
Bessent responded, "You know there are no guarantees. Who would have predicted COVID? What I can say is that we are implementing robust policies designed to be durable. Could there be an adjustment? Possibly."
He continued, "The massive government spending we've seen in recent years—if that had continued unchecked, we would have had to wean the country off it eventually. On the other side of that transition, we aim to invigorate the private sector."
You might be interested: Be prepared: The unexpected sign of a looming recession—spotted in unexpected places!
Touting a recent meeting with bankers, Bessent added, "They are ready to start lending. Main Street is going to do well."
Bessent’s comments mirrored Trump’s response to a similar question during an interview with Fox News' Maria Bartiromo the previous Sunday. When asked about the possibility of a recession, Trump stopped short of ruling one out.
"I hate to predict things like that," Trump said. "There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing... it takes a little time, but I think it should be great for us."
Source: Fox News / Youtube.
In a separate interview on Fox News’ The Ingraham Angle last Thursday, host Laura Ingraham posed a similar question to Vice President JD Vance:
"Can you rule out a recession, even a temporary one?"
Also read: Cost-saver coming to the rescue? How a new “affordability czar” could save you money
Vance responded, "Well, look, you can never predict the future." However, he remained optimistic, stating, "The fundamentals of the economy are actually quite strong right now, and we'll see how this unfolds."
Meanwhile, Commerce Secretary Howard Lutnick struck a more confident tone on Meet the Press last Sunday, insisting that Americans should "absolutely not" brace for a recession.
Despite this, the stock market plunged the following Monday, a reaction seemingly tied to concerns over Trump’s comments.
Source: CBS News / Youtube.
"Consumer sentiment is declining rapidly both for households making more than $100,000 and less than $100,000... Consumer worries about losing their jobs are at levels normally seen during recessions." said Torsten Sløk, Apollo chief economist, after analyzing recent survey data last week.
Robert Reich, an economist and former Labor secretary, posted, "The economy is showing severe warning signs after Trump's first month in office. This shouldn't be surprising. He doesn't understand the economy and tanked pretty much every business he ever touched."
The full effects of Trump's policies on the stock market and overall economy are still uncertain. However, the administration has been indicating that some economic turbulence may be expected in the near future.
Recommended for you: Economists reveal: Is the US on the brink of a recession? See if finances are at risk
Have you taken any steps to prepare for a potential economic downturn? What advice would you give to fellow readers on safeguarding their finances? Share your insights and experiences in the comments below, but please remember to remain respectful.
