On Friday’s broadcast of the Fox News Channel’s “America’s Newsroom,” Economics Professor at the University of Chicago Booth School of Business Austan Goolsbee, who served as Chairman of the Council of Economic Advisers under President Barack Obama, said that it feels as though President Joe Biden is “underplaying the risk” of a recession and that there are “substantial geopolitical risks” like the length of and increasing U.S. involvement in the war in Ukraine and Russia cutting off gas to some countries in Europe that could push the United States towards a recession. Goolsbee stated, “It felt a little like the president was underplaying the risk.” And “This war in Ukraine is likely going to be quite extended.
The U.S. is getting further involved. Russia cut off gas to Europe. I do think there are some substantial geopolitical risks to — that could usher us toward recessions.” Follow Ian Hanchett on Twitter @IanHanchett.
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