Fmr. Obama Chief Economist: ‘Inflation Makes People Upset...That Doesn’t Mean that We Should Call It a Recession’

EXCERPT:

GOOLSBEE: “You know, you kind of put him in a gotcha situation, Neil. We’re all friends but I think you put him in a gotcha situation where there was literally nothing he could say. There’s obviously inflation. Inflation is not a recession. Inflation makes people upset, consumer confidence has been quite low since there’s been inflation, since gas prices were higher. That doesn’t mean that we should call it a recession. I think the —“

CAVUTO: “Well, what is your definition of recession? I know that the National Bureau of Economic Research, they come up, these economists with — charting the beginning and the end of recession, I get that. What do you look at, Austan? When you were in the Obama Administration, what did you look at?”

GOOLSBEE: “I don’t look to come up with the phrase is that a recession or not a recession?”