The Trump administration is bringing back former chief economist Kevin Hassett, whose grim public comments about the potential economic toll of the coronavirus stand in sharp contrast with some of the rosier predictions floated by current White House advisers.
Hassett, who will be working as a temporary unpaid adviser, left his post as chairman of the Council of Economic Advisers in June after nearly two years in the job. While at the White House, Hassett was a vocal promoter of the administration’s tax cuts and stood behind President Donald Trump’s assurances that the economy could achieve sustained 3 percent annual growth.
But the once-upbeat economist has taken a darker view of the potential fallout from the pandemic, which has shuttered businesses across the country and ground much of the world to a halt.
“The odds of a global recession are close to 100 percent,” Hassett told CNN this week, adding that GDP could shrink by 5 percent in the second quarter and the next employment report could show 1 million job losses — a single-month setback that would be unprecedented in the post-World War II era.
White House economic adviser Larry Kudlow has struck a more optimistic tone, saying as recently as Thursday that the economic damage from the outbreak would be short-lived.
Hassett is currently the vice president and managing director of the Lindsey Group.
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March 21, 2020 at 12:56AM
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White House to bring Hassett back as economic adviser amid crisis - POLITICO
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