The Washington Post reported that a second economic adviser has left the White House this month while the U.S. is facing a recession.
The National Bureau of Economic Research that identifies downturns announced earlier this month that February is when the moment began. It has been a key month in the coronavirus crisis that Democrats criticize President Donald Trump for not acting after it became clear that the coronavirus pandemic was quickly spreading across the world.
Still, Tomas J. Philipson, the acting chairman of the White House Council of Economic Advisers, is bailing on the president next week. The announcement came two days after Kevin Hassett announced he would also step down.
"The economy has shown some signs of a very slow recovery, but now there are growing concerns about a surge of coronavirus cases in a number of states, including Florida, Texas, and Arizona, and officials are debating the next steps," said the Post.
While the NYSE seemed to be back at an upswing, COVID-19 cases are on the rise again, with the U.S. having another record day of diagnosis. The market closed Wednesday down over 700 points.
"The White House and Congress approved nearly $3 trillion in emergency aid this year to try to blunt the economic impact, but they are torn over how to proceed. Losing two top economists in the midst of the crisis could push more of the analysis of future steps onto other advisers who don’t have the same background or expertise. Still, Trump isn’t known for relying on the guidance of economists as much as his own instincts," the Post explained.
Philipson doesn't have the trust from the administration as Hassett did nor did he have the prominence among the advisers. Still, losing another economic adviser likely won't help the president's promise that "all is well."