Does this report put any concerns about a near term recession completely off the table.

What we're seeing right now is solid growth this quarter.

Um Growth has obviously slowed um following a very rapid recovery from high unemployment.

Uh We're in a full employment economy, it's very natural that growth would slow and it has over the first three quarters of this year, but it continues to be um okay, we have a very strong labor market.

I don't see signs of recession in this economy at this point, the President the other day told reporters, the economy is quote strong as hell.

I don't think that's a technical term from an economic basis.

But do you agree with that assessment in terms of the strength?

Well, I really do.

And if you look around the world, there are a lot of economies that are really suffering um not only from high inflation but um very weak economic performance.

And the United States stands out, I think we are about the strongest country I know of around the globe.

Um we have unemployment at a 50 year low.

There are two job vacancies for every um American who's looking for work.

Um we have, we saw in this morning's report, consumer spending and investment spending continued to grow.

Um We have solid household finances, business finances banks that are well capitalized.

Um And we've been creating average 300,000 jobs a month.

This is not an economy that is in recession and we continue to do well what's striking is you have a you list off all of those kind of critical elements of the current economy and yet, and I know you know this quite well.

The anxiety right now, when you look through surveys of americans is very real, the discontent seems to be very real.

The feelings about the direction of the economy seems to be largely negative.

Why inflation is very high.

It's unacceptably high.

And americans feel that every day, um they drive past gas stations and they see prices that are a lot higher, even though they have come down significantly, they're a lot higher than americans are comfortable with.

They see the cost of food rising and generally inflation has been high and it is president biden and my top economic priority to bring inflation down.

We look to the Fed um to play the lead role in accomplishing that.

But what we're doing is supplementing what the Feds doing.

Um we've had a release of close to 180 million barrels of oil from the Strategic Petroleum Reserve that have um offset adverse global factors.

Putin's um irresponsible, horrific war in UK train that are pushing up global energy prices, um a prescription drug uh bill in the inflation reduction act that's lowering drug costs for americans um holding down health care premiums, um trying to address supply bottlenecks in the economy and um it's our top priority to bring inflation down?

That's what's making americans feel uneasy about the economy.

I talk to people maybe aren't doing as focused on things uh as you may be when it comes to the economy and it feels like it's a different world, right?

It's just a totally different description of reality right now.

How do you counter that given the fact that inflation is to some degree, largely out of your control on a day to day basis?

Well, I guess I would urge americans to understand that we went through a traumatic experience, both health wise and economic wise, with respect to the pandemic and the entire globe has been affected by the economic repercussions of Putin's invasion of Ukraine and americans and people all over the world are suffering for from higher prices, which are eroding their living standards.

Of course this is a real concern to americans, but this is going to end um the combination of what President biden is doing and what the Federal Reserve is doing will, over the next couple of years lower inflation to levels that people are accustomed to that will make them feel better.

And I believe, I believe there's a path to accomplishing that while maintaining a very healthy labor market and I believe we're on that path.

I understand you're saying in terms of the time horizon years is not very helpful when there's a midterm election In 12 days?

I know you don't come from a political background here, but how much does that weigh into the policy process that you guys pursue?

As I said, we're doing everything that we can to supplement with the Fed is doing to bring inflation down and medium term.

Um we have an historic investment in the strength of our economy.

The passage of three very important bills there leading to huge investments in our economy.

And um over time americans are going to see many positive changes in their lives because of these investments.

So I'm referring to the infrastructure act that is beginning to repair America's roads, bridges, ports will deal with supply chain bottlenecks and also um my modernize our digital economy.

Every american will see broadband that's universally available and affordable.

We have chips act that is leading to historic investments in semiconductors that will greatly increase supply and create A lot of good jobs.

Uh, here in Ohio Intel has announced a $20 billion Ohio, LG and Honda have announced a new face factories that they're setting up um to manufacture batteries for electric vehicles.

We're seeing historic investments in clean energy.

Um, because of the inflation reduction act and americans are going to see the benefits of not being dependent as the years go by on um Russia on Saudi Arabia for oil as we transition to clean energy will be reliant on the sun and the wind and freed from geopolitical pressures that create volatility and why oil prices and have safer and more reliable and cheaper energy.

You have three critical cornerstone pieces of legislation.

These are sweeping economic proposals.

The president got over the finish line, you helped get over the finish line.

They address a lot of the issues that have been driving inflation or exacerbating inflation um, but they aren't in yet and you kind of stole my notes on Ohio, you can, you can go through the intel plant $20 billion Gm committed a billion dollars in Toledo for solar 200 million in Toledo forward 1.5 billion in Avon Lake.

The Honda and LG plants are investments you were talking about here.

These are real tangible investments that are happening now and yet.

It doesn't, I don't get the sense that it's translated immediately or directly.

People need to be more patient or what's, what's the disconnect there when you kind of look into the macro economy.

Well those investments do take time to pay off but people should see that thousands and thousands of new jobs, good jobs, high paying jobs are being created.

Manufacturing is reviving.

They should be able to feel and see investments that are going to lead to a revival in growth in parts of the country where there's been um under investment for a long time.

We've seen much of the growth in this country, concentrated on the coasts and the kind of investment revival that we're seeing now is going to spread job creation and good jobs throughout this country is the kind of message at this point.

To some degree, we've done the work, the patient.

It's coming, yes, but we're beginning to see repaired bridges come online, not in every community, but um, pretty soon many communities are going to see roads improved, bridges repaired, that have been falling apart.

Um, we're seeing money flow into research and development, which is really an important source of long term strength to the american economy and America's strength is going to increase and we're going to become more competitive economy.

You mentioned earlier, you're kind of going through the process from when you guys took office to now, in terms of the scale of the economic recover.

You often mentioned that there's very little if any historical precedent for the speed uh, in modern history of the economic recovery.

These three cornerstone pieces of legislation, I've talked to officials were very frustrated by the fact they don't feel like they got credit for that period of time that's brought us to now when people are so anxious.

You think that's fair that you don't get credit for the work that has been done to get the economy to this point, They're a set of problems that we could have had and difficulties many families, American families could have faced had we not invested so much in the American rescue plan that provided support to the economy and generated um the creation of 10 million jobs in the space of less than two years.

Um So we have a very strong job market.

Um So there are a set of problems we could have had, we could be struggling with high unemployment, weak job market.

Um Many americans could have lost the roof over their heads.

Um been unable to put food on the table during the pandemic um businesses that would have failed had it not been for the support that went to restaurants, went to um small businesses across the country.

Um These are problems we don't have because of what the biden administration has done so um Often one doesn't get credit for problems that don't exist.

To prove the counterfactual do you feel when you look back That the speed of the economic recovery, particularly when compared to kind of 2008, to the extent any of those policies contributed to the inflationary pressures at this moment, it was an acceptable trade off to have the other kind of broader strength that exists in the economy right now.

It certainly is an important plus to have the strength that exists in the economy and most americans when they're quizzed about the labor market.

Do feel very good about the labor market.

They should understand that that is a result of President biden's policies.

Um But look, the inflation that we have um has many factors that are driving it.

Um The american rescue plan is it most a small part of that.

We've had a set of supply chain problems we've seen globally.

Um resulting from the pandemic resulting from shifts in spending dramatic shifts away from services toward goods, the created supply chain problems, a shortage of semiconductors that led to dramatic increases in the price of cars.

This is not the result of uh spending that created a strong economy.

Strong job market and uh Putin's brutal war in Ukraine is pushing up food prices.

It's pushing up energy prices and look around the world.

The United States has high inflation unacceptably high inflation.

But so does the U.

K.

So does the euro area.

So the most advanced economies um they're all grappling with the same thing.

So um there are many factors contributing to high inflation that we have to address before I let you go and get a busy day here in Ohio.

Uh The President has kind of framed things in the political sense is a choice in terms of the approach, particularly on the economic side between republicans and democrats.

He says the policies he's seen from republicans will crash the economy.

Do you think that's an accurate assessment of things?

Well they're talking about cutting back Medicare and Social Security in order to continue the tax cuts for businesses and wealthy individuals that were in the job J.

C.

T.

A.

The the tax act passed by trump and those were unfunded.

Something that I think is fiscally irresponsible and the benefits of those tax cuts went to the richest corporations and the richest americans.

And President biden feels very strongly that he wants a fair tax system in which rich people and companies pay their fair share so that all of the burden doesn't fall on hard working households and that we need fiscal responsibility so that if we're going to engage in spending our tax cuts we make sure they're financed and don't we're not just passing on the costs on to our Children and grandchildren.

He's also raised because several republicans have raised the issue of using the debt ceiling for leverage.

You once agreed during a congressional hearing that it should be abolished.

The president said he didn't believe that was responsible when he was asked about it earlier.

Is the president wrong in terms of how he views the debt ceiling?

Well look the President and I agree that America should not be held hostage by members of Congress who think it's alright to compromise the credit rating of the United States and to threaten default on uh US.

Treasuries which are the bedrock of global financial markets.

It's something defaulting on on our debt that would be um simply calamitous for the U.

S.

And that's something that just can't be contemplated.

And he and I agree it's really up to Congress to raise the debt ceiling.

It's utterly essential that it be done.

And I'd like to see it occur anyway that it can it can occur.

And the required question final question for anybody near a midterm election, the word was that you had informed the White House, you'd like to stick around.

You have no intent of leaving on your own at least as we head into the second half of the President's first term.

Is that an accurate read on things right now?

That is an accurate read.

I feel very excited by the program that we talked about and um I see in it um great strengthening of economic growth and addressing climate change and strengthening american households.

And I want to be part of that.