Politics
WATCH: Stephen Miller Dismisses Recession Fears, Says Trump Inherited A ‘Depression’
Senior Trump Administration advisor Stephen Miller argued that President Trump inherited a “depression” economy from the Biden Administration when discussing the president’s robust tariff strategy.
Fox News host Sandra Smith asked Miller if he was “concerned” about a potential recession, pointing to back-to-back turbulent days for the stock market. The DOW tumbled 2,100 points on Friday, representing the biggest drop since the beginning of the COVID-19 pandemic, after Trump announced sweeping tariffs on dozens of nations.
The White House deputy chief of staff was unfazed by the increased recession talk among Democrats and mainstream media outlets, stating that tariffs will result in the “exact opposite” of a recession.
“We inherited from Joe Biden an economy in total freefall. There has been zero jobs growth for American workers in four years. In other words, all jobs growth had gone to foreign workers,” Miller said. “That is a depression, not a recession. That is a depression for the American worker.”
During the final year of the Biden presidency, employment among native-born Americans decreased by 1.3 million jobs. The job market was booming for foreign-born workers, however, 1.2 million of whom gained employment over the same time period.
Miller also pointed to a number of healthy economic indicators, including a better-than-expected jobs report and cooling inflation.
“We had debt and deficits that were rising unsustainably that would lead us into a certain debt and deficit crisis. We had inflation that was in high double digits, crushing the American family, making it impossible to afford the essentials of life. We had an economy that was in a state of calamity and catastrophe,” Miller told Fox News.
“President Trump’s policy of reshoring our supply chains, pushing for total expensing of capital gains, eliminating regulation, eliminating intrusive green new scam environmental rules, pushing for the biggest, broadest tax cut in American history, and reducing taxes on American workers, including ending taxes on tips, ending taxes on overtime, ending taxes on Social Security. This economic program is the single most important program for American wealth, prosperity, and rejuvenation that we’ve ever seen in this country.”
