Biden ‘underestimating the risk’ of recession

On Friday’s broadcast of Fox News Channel’s “America’s Newsroom,” Austan Goolsbee, a professor of economics at the University of Chicago Booth School of Business, who served as chairman of the Council of Economic Advisers under President Barack Obama, said he felt President Joe Biden “underestimates the risk” of a recession and that there are “substantial geopolitical risks” such as the duration and growing involvement of United States in the war in Ukraine and Russia cutting off gas to certain countries in Europe which could push the United States into a recession.

Goolsbee said, “It was a bit like the president was downplaying the risk.” And “This war in Ukraine is probably going to be quite long. The United States is getting more involved. Russia cut off gas to Europe. I think there are substantial geopolitical risks that could lead us into recessions.

Follow Ian Hanchett on Twitter @IanHanchett




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