Zeke Miller and Josh Boak Associated Press Published 8:53 AM EDT Aug 20, 2019 Washington — The “fundamentals” of the U.S. economy are solid, the White House asserted, invoking an ill-fated political declaration of a decade ago amid mounting concern that a recession could imperil President Donald Trump’s reelection. Exhibiting no such concern, senior adviser Kellyanne Conway declared to reporters on Monday, “The fact is, the fundamentals of our economy are very strong.” It’s a phrase with a history. Republican John McCain was accused of being out of touch when he made a similar declaration during the 2008 presidential campaign just hours before investment bank Lehman Brothers filed for bankruptcy, setting off a stock market crash and global financial decline. A case can be made for the White House position. The U.S. job market is setting records for low unemployment, and the economy has continued uninterrupted growth since Trump took office. But growth is slowing, stock markets have swung wildly in recent weeks on recession fears, and indicators in the housing and manufacturing sectors have given economists pause. A new survey Monday showed a big majority of economists expecting a downturn to hit by 2021 at the latest, according to… Read full this story
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