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New Hampshire Governor Chris Sununu (R) predicted that a recession is coming and blasted Treasury Secretary Janet Yellen, claiming “she’s completely misled America” and should be fired.
Sununu made the remarks during an interview on CNN’s “State of the Union” on Sunday.
“A recession is coming. You cannot add $5 trillion to America’s balance sheet and just hope it goes away. The recession is coming. The Fed, I think, has known this for a while. They’ve kind of ignored it,” the governor told CNN host Jake Tapper.
“They should have been easing us into the right rates and where we need to go over a year ago. You have a treasury secretary who is saying, ‘Oh, it’s not inevitable.’ Well, of course, it’s inevitable. You don’t need four years of Dartmouth economics to know that when you add $5 trillion, there has to be some outcome, and unfortunately, the outcome is high gas prices, high housing prices, the price of a taco is getting unbearable for some folks. And it hits middle and lower-income families very, very hard. That’s just going to be the issue going forward,” Sununu added.
The New Hampshire Republican was also asked about his ideas to improve the situation. His key recommendation was to terminate Yellen from her role as Treasury Secretary.
“First, I would fire the Treasury Secretary. I think she’s completely misled America,” Sununu said.
"I would fire the treasury secretary. I think she's completely misled America …"@GovChrisSununu of New Hampshire tells CNN's @jaketapper about his issues with how the Federal Reserve has dealt with a possible recession on the horizon. @CNNSotu #CNNSOTU pic.twitter.com/LASRXcrgBI
— CNN (@CNN) July 10, 2022
Last month, Yellen appeared on ABC’s “This Week with George Stephanopoulos,” claiming that inflation is at “unacceptably high levels” but that a recession might not be around the corner.
Treasury Sec. Janet Yellen tells @GStephanopoulos that a recession isn't “inevitable," but says inflation is "unacceptably high."
— This Week (@ThisWeekABC) June 19, 2022
“I expect the economy to slow,” Yellen said. “It’s been growing at a very rapid rate, as the economy, as the labor market, has recovered. We have reached full employment. It’s natural now that we expect a transition to steady and stable growth, but I don’t think a recession is at all inevitable.”
Inflation hit a 40-year high in May. Gas prices have also hurt Americans as prices have soared to record levels this year and have doubled over the cost per gallon just two years ago.
Tesla CEO Elon Musk has also recently spoken out with his prediction that a recession is coming. He made the comments during an appearance at the Qatar Economic Forum in June.
“A recession is inevitable at some point. As to whether there is a recession in the near term, that is more likely than not. It is not a certainty, but it appears more likely than not,” Musk said.
Musk’s assessment stands in contrast with the Biden administration’s view that said the nation is not necessarily expected to face a recession.
Former Obama administration economic adviser Larry Summers also recently warned that an array of economic signs are pointing to a recession within the next two years.