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Tags: gina raimondo | inflation | recession

US Commerce Chief Downplays Recession, Asserts Inflation 'Top Priority'

US Commerce Chief Downplays Recession, Asserts Inflation 'Top Priority'
Secretary of Commerce Gina Raimondo testifies at the US Capitol on April 27, 2022 in Washington, DC. (Tasos Katopodis/Getty Images)

By    |   Sunday, 10 July 2022 10:40 AM EDT

Secretary of Commerce Gina Raimondo on Sunday downplayed an impending “serious recession,” asserting inflation is the nation’s No. 1 problem and the Biden administration’s “top priority.”

In an interview on ABC News’ “This Week,” Raimondo said as the United States comes out of the pandemic, there’ll be a “more traditional growth level, but I don’t think we should be talking ourselves into a recession.”

“At some point we'll see a less rapid growth in the economy, but I don't see any reason to think we'll have a serious recession, by no measure,” she said.

Instead, she declared, inflation is what Americans have to deal with and what Congress has to address.

“People talk about it in different ways. But if you ask folks what they're worried about they'll either say grocery store prices are high, energy prices, gas prices,” she said.

“That's in people's daily lives, so every day you're confronted with these high prices it's hard on folks.”

“It's our number one priority to get a handle on these prices and we will,” she added. “The [Federal Reserve Board] is taking strong action,” she said. “Our president's administration is doing everything we know how to do. Wholesale gas prices are coming down. But until we do get a handle on inflation, I think it's natural for a family to be feeling that pinch.”

Raimondo faulted Senate Minority Leader Mitch McConnell, R-Ky.,  for not backing a proposed CHIPS Act aimed at increasing the domestic supply of semiconductors and also start a supply chain office in the Department of Commerce. 

“That has to pass now,” she said. “Not in just six months. Now. It's bipartisan. Mitch McConnell said he's not going to allow the Republicans to move on that. …we have inflation now because of lack of supply. Let's increase supply.”

“Let's bring down prescription drug prices, so that people feel that when they go to the drugstore and let's pass the CHIPS Act to bring down the prices of chips and everything you buy,” she added. “[McConnell is] playing politics with our national security and it's time for Congress to do their job.”

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Politics
Secretary of Commerce Gina Raimondo on Sunday downplayed an impending "serious recession," asserting inflation is the nation's No. 1 problem and the Biden administration's "top priority."
gina raimondo, inflation, recession
353
2022-40-10
Sunday, 10 July 2022 10:40 AM
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