The Chicken Little-like squawking of the media about a looming recession could in fact trigger the economic sky to fall, a top CEO is warning.
“They’re going to destroy one of the best economies I’ve ever had in my lifetime,” Mike Lindell, CEO of My Pillow, said this week on the Fox Nation show “Wise Guys.”
“To try and ruin it with this false narrative that there’s a recession … We’re in the best times right now,” Lindell said, adding that President Donald Trump’s war against burdensome regulations has vastly changed the nation’s economic landscape.
“The biggest thing — taking away these regulations that were just choking businesses,” he said.
“I see now other businesses paying people more and because it’s that consumer confidence and I just think it’s amazing.”
Lindell said he pushes back against the recession talk every chance he gets.
“I give media outlets my direct number … and I get a call about a month ago and they go ‘Mike, the president says that this talk of a recession is just a political move to make the economy bad,’” he said.
“I said, ‘Of course, it is,’” Lindell recalled.
“I see consumer confidence at an all-time high,” he said. “Even my own employees and companies around me know that wages are going up and they feel safe. So now they can go out and invent products and do service businesses and go out and they’re taking chances like never before.”
During the “Wise Guys” discussion on the economy, Jason Trennert, CEO of the brokerage firm Strategas Securities, also downplayed the chance of a looming recession.
“There’s a lot of talk, a lot of hand-wringing and gnashing of teeth about the risk about a recession,” he said.
“The fact of the matter is,” he added, “it’s very hard just given the way the structure of the U.S. economy is, which is very dependent upon consumer spending, to go into recession.”
Earlier this month, economist Robert Shiller said the next recession could be at least 3 years away because of Trump’s impact on consumer spending.
“Let’s not make the mistake of assuming it’s right around the corner,” Shiller said on CNBC.
“I think that [strong spending] has to do with the inspiration for many people provided by our motivational speaker president who models luxurious living,” he said.
Shiller said the impeachment inquiry is a cloud on Trump’s horizon.
“If he survives that, he might contribute for some time in boosting the market,” Shiller said. “We’re maybe in the Trump era, and I think that Donald Trump by inspiration had an effect on the market — not just tax-cutting.”
Trump on Friday talked about the economy in the context of the impeachment inquiry that has been launched by House Democrats, according to a White House transcript.
“I will say this: If anything ever happened with this phony witch hunt that the Democrats are doing — the do-nothing Democrats — I really believe that you’d have a recession — depression the likes of which this country hasn’t seen,” he said.