The White House has made a statement about the recent market downturns!

The White House described the recent economic turbulence, marked by falling stock prices and a weakening job market, as part of an "economic transition period."

Press Secretary Karoline Leavitt attributed the current volatility to the economic 'mess' left by the previous Biden administration, in a press briefing to journalists.

During the contentious press conference, Leavitt said, "We are in the transition period of American manufacturing's golden age from the economic nightmare under a president who doesn't know what he's doing and has never worked in the private sector in his life."

Leavitt's words reflected the feelings expressed by President Donald Trump over the weekend. Trump was asked if he expected a recession in 2025 during an interview on Fox News' Sunday Morning Futures program. Trump replied, "I hate predicting things like that. There is a transition period because what we are doing is very big."

Commerce Secretary Howard Lutnick took a more firm stance, telling NBC's Meet the Press that "there will be no recession in America."

However, some economists are skeptical of the government's optimistic outlook. Stephen Henn, an assistant professor of economics at Sacred Heart University, warned that the risk of recession is still high for 2025.

Henn, who said "There is a high probability of recession in 2025", stated that economic difficulties could affect individuals differently depending on their financial situations.

Henn added, "If the decrease in government spending is not balanced with an increase in consumer spending, business investments, and/or net exports, it is very likely that we will see a recession."