Skip to main content
Tags: buttigieg | biden | recession | economy

Buttigieg Admits Recession Is 'Possible but Not Inevitable,' Defends Economy

By    |   Sunday, 16 October 2022 03:27 PM EDT

A national recession is "possible, but not inevitable," Transportation Secretary Pete Buttigieg said Sunday while appearing on morning news shows to tout the Biden administration's approach to the economy. 

"We're doing everything we can to strengthen the foundations of the American economy, and that means a lot on the supply side and expanding the productive capacity of this country," Buttigieg commented on ABC's "This Week." "Why we see a lot of pressure on prices is that while demand has come back, Americans have more income ... in this almost historically low level of unemployment, it's been hard for the supply side to keep up."

The administration is also working to ease constraints that have been seen in the national transportation infrastructure that has needed upgrades for decades, said Buttigieg. 

Meanwhile, President Joe Biden has said he'll announce more steps this week to address inflation and specifically, gas prices; and Buttigieg said the president has already taken many steps, including flexibility on ethanol to the release from the Strategic Oil Reserve. 

"He's also drawing attention to the fact that you've got a lot of corporations that are wildly profitable right now, in what seems to be a larger-than-usual spread between wholesale oil prices and what we're paying at the pump for gasoline," said Buttigieg. 

The economy is weighing heavily on Democrats as the midterms approach, but Buttigieg insisted the administration has been doing the "right thing" for the American people with proposals that are "popular because they make sense."

Already, the infrastructure law that was signed about a year ago is in play, with bridges, roads and more getting improvements, said Buttigieg. 

Buttigieg, also appearing on CBS's "Face the Nation," defended Biden's economic policies and touted the administration's COVID-19 recovery package, saying it "rescued the economy."

Without the COVID package, he added, "we would not have had the 10 million jobs created with this president with the lowest unemployment numbers in history ... Look, I don't think anybody could argue that, for example, our unemployment numbers are anything but strong as hell."

He also argued that inflation is not only part of life in the United States, but it's a "global phenomenon."

Sandy Fitzgerald

Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics. 

© 2024 Newsmax. All rights reserved.


Newsfront
A national recession is "possible, but not inevitable," Transportation Secretary Pete Buttigieg said Sunday while appearing on morning news shows to tout the Biden administration's approach to the economy.
buttigieg, biden, recession, economy
361
2022-27-16
Sunday, 16 October 2022 03:27 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Interest-Based Advertising | Do not sell or share my personal information

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
Get the NewsmaxTV App for iOS Get the NewsmaxTV App for Android Scan QR code to get the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved