On Fox Business Network’s “Cavuto: Coast to Coast” show on Wednesday, Senator Rob Portman (R-OH) said that the Federal Reserve’s rate hike needed to curb inflation because of the negative impact on consumer spending, after stocks collapsed, was “another source of economic growth”. believes that we are more likely to have a negative quarter” and that the recession will begin.
Host David Asman asked: [relevant remarks begin around 7:00] “Will there be a recession before the election?”
Portman said, “As you know, we had negative growth in the last quarter. And if we have another quarter of negative growth, it’s technical recession. I do not know. Nobody is doing it, but if you look at the numbers so far and look at what the Fed is doing by raising interest rates – what to do to calm inflation – the impact of spending and what you’re talking about, I can say. Now that these stocks are down now, which is very consumer driven, I think we’re more likely to have another quarter of economic growth that’s negative.”
Source: Breitbart
