Rumblings of a recession don’t match up with reality right now, U.S. Chamber of Commerce President and CEO Tom Donohue claimed today.
His assertion runs counter to a survey released yesterday by the American Bankers Association showing top bank economists are fearful the chances of a recession will nearly double in the year and reach 35 percent in 2020.
The risks have been heightened by financial market volatility, poorer corporate debt quality, cooling global growth and rising home interest rates claimed ABA Economic Advisory Committee Chairman Robert Dye.
But Donohue said the tax bill, deregulation and trade measures should delay a recession.
“You’ve got a little way to go before there is one,” said the Chamber chief.
Part of the worry of a recession comes from the confusion between the volatility of the stock market and the strength of the economy, asserted Chamber Chief Policy Officer Neil Bradley.
During a presentation at the Chamber’s headquarters a block directly north of the White House, Donohue asserted more bipartisanship is needed and many of the nation’s problems could be solved by rebuilding the political center.
At the same time, he noted the Chamber has been “pretty supportive” of the Trump Administration.
He did attack the Trump for mounting a trade war with China through mounting tariffs.
On immigration, the Chamber leader said the nation must continue to attract and welcome industrious and innovative people from all over the world to solve worker shortages.
Donohue announced the Chamber will begin a new program to encourage companies to become public.
On another investor issue, he said the organization will work for meaningful ESG reporting that is grounded in reality and reflects the diversity of American businesses.