BLUFFTON — U.S. Rep. Jim Jordan, R-Urbana, downplayed fears of a coming recession as political messaging from Democrats who hope a weak economy will hurt President Donald Trump’s reelection campaign.
The Republican congressman, who toured Bluffton’s SumiRiko plant on Monday, told reporters that most economic indicators show a strong economy, despite a temporary inversion on interest rates and an 800-point drop in the Dow Jones Industrial Average last Wednesday.
“Some of the Democrats are trying to say the world’s going to end tomorrow as far as the economy goes,” Jordan said. “But when I talk with business leaders — I talked with some this morning in Wapakoneta — and they’re like, ‘We’re turning down jobs because we’re swamped.’”
Recession fears resurfaced last week when interest rates on 10-year Treasury bonds fell below interest rates on two-year bonds — an event known by investors as the yield curve inversion, which has historically indicated coming recessions.
Jordan acknowledged there’s some concern when it comes to the Dow drop and yield curve inversion.
But the congressman quickly pointed to other economic indicators suggesting the economy is still strong overall, such as rising wages, consumer confidence and the nation’s low unemployment rate — and even suggested Democrats see a recession as a political opportunity.
“I don’t see what the Democrats are pushing right now,” Jordan said. “It’s kind of troubling to think some Democrats, it appears they’re almost wishing for a recession because they think it helps them politically instead of focusing on what’s best for our country. And obviously a recession is never good for our country.
“Like I said, most indicators right now are very positive and have been positive. I think confidence is still strong. I think confidence started to get strong about 4 a.m. on Nov. 9, 2016, when it was announced that President Trump was going to be our next president.”
Reach Mackenzi Klemann at 567-242-0456.