Senior Trump Economic Advisor Reacts To Survey Data Showing Growing Fears Of Recession

During a CNN interview on Sunday, National Economic Council Director, Kevin Hassett, responded to survey data showing a growing fear of a recession.

Transcript

00:00Well, right now, I mean, wealth has disappeared from the market.

00:03And as you know, the fears of a global recession or a United States recession

00:06have increased even among business supporters, business leaders who support President Trump.

00:13Well, what you're seeing is that the survey data is what we call the soft data.

00:18The survey data has been showing that people are anxious about the changes a little bit,

00:22but the hard data have been really, really strong, as you know.

00:25In fact, if you look at the latest jobs report, it was way, way above even what I expected.

00:31And so what's happening is that people are racing to create jobs and to make stuff here in the U.S.

00:36If they make it in the U.S., they're not going to pay any tariff.

00:38And there's an explosion in the labor market.

00:40It's really surprised me.

00:42And so you can't have a lot of new employment and then have like a recession.

00:47It's just, you know, the jobs data was from before the Liberation Day.

00:52I mean, there's before all these global tariffs.

00:55Well, not all those, but also it was clear, I think, that the jobs data were anticipation of something happening, something big.

01:02That would be only rational for firms to think that way.

01:04All right, Kevin Hassett, thank you so much for your time this morning.

01:07Really appreciate it.

01:07Great to see you.