A U.S. recession (if one were to hit) would be “moderate and short,” acting White House chief of staff Mick Mulvaney told roughly 50 GOP donors at a closed-door luncheon this week
In public, President Donald Trump and top White House officials keep extolling the strength of the U.S. economy. In private, they’re increasingly worrying about a global economic slowdown triggering a U.S. recession — and weighing options to shore up the economy ahead of an election year.
“I've been thinking about payroll taxes for a long time,” Trump added. “Whether or not we do it now or not is — it's not being done because of recession.”Sign Up “The only thing they have in their control is China and putting out regulatory rules,” said one former senior administration official. “Beyond that, there is very little that they can do — but that does not mean people are not brainstorming options.”
The president is intent on convincing voters that the economy is in fine shape because he knows voters often cast ballots based on how they feel at the time of the election about their own economic situation. A recession is generally considered to be two straight quarters of economic contraction. While the U.S. is not experiencing a recession, given steady growth in jobs and wages, some common warning signs have emerged in financial markets including theSome parts of the economy have also suffered of late from weak business investment and Trump’s trade wars.
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