In recent interviews on CNBC with various members of the administration, including Kevin Hassett, Richard LeFrak and Gary Cohn. They discussed their findings and recommendations in their joint report on the current conditions of the U.S. economy, housing supply and tariffs. The U.S. economy posted a surprise 3% growth rate in the second quarter. While this is a promising and exciting development, it does underscore new opportunities and threats set before us.
Kevin Hassett, the National Economic Council Director, discussed various aspects of the economy in a detailed interview lasting 7 minutes and 57 seconds. He pointed to the rosy, booming growth figures while pointing out the troubling signs below the surface that may threaten long-term prosperity. His complete interview—available to view online in its entirety on CNBC—is well worth watching as viewers can learn a lot more about his ideas.
Homebuilding pioneer Richard LeFrak added to the discussion with this 7-minute-and-39-second-long video. He zeroed in on the current housing supply and high interest rates. He covered how these trends are creating a new economic reality. LeFrak’s wisdom is especially timely right now since so many homes are for sale—the highest level in years—raising fears of a housing bust.
In addition to these discussions, Gary Cohn’s contribution, which lasts 5 minutes and 47 seconds, offers a snapshot of the economy. Cohn acknowledged that under the seemingly rosy growth figures, there are very real “alarms” hanging out under that surface. His commentary provides an insightful look at economic performance strengths and potential future vulnerabilities.
President Trump even advanced the discussion with a one-minute video in which he celebrated India and lamented tariffs. His comments on tariffs are especially timely, given how much they’ve contributed to the current state of U.S. economic affairs. Despite the initial bump, the president’s policies are still under fire and rightfully so for their long-term impact on growth.
The intersection of these discussions points to an uncertain economic climate. Even with a surprise 3% growth rate in Q2, experts warn that there are dangerous things brewing beneath the surface. Our once booming housing market is in crisis. In a companion video, “U.S. homes are sitting and not selling,” we explore what’s spooking both buyers and sellers.