The White House has scrambled to reframe several economic indicators ahead of the midterm election next week, arguing the economy will make a 'soft land.'
Florida Rep. Byron Donalds and former Trump economic adviser Tomas Philipson explain why the economy appears to have such a stronghold on the midterm elections on 'The Evening Edit.'
Also in response to the report, Ron Klain, the White House chief of staff, retweeted a post from Mark Zandi, an economist at the firm Moody's Analytics, who argued the GDP growth was evidence a recession was less likely."Last week’s data suggest that the economy is on script to soft land. GDP posted a solid gain in Q3, further dispelling concerns we have suffered a recession," Zandi wrote.
However, many economists, including a majority recently surveyed by the National Association for Business Economics, believe the U.S. has already entered a recession or will likely soon enter a recession. And economists polled by The Wall Street Journal in mid-October said there was a 63% chance of a recession within the next 12 months.Economists argued the positive GDP numbers Thursday signaled poor economic conditions.
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