Alex Acosta to Newsmax: Recession 'Likely' Due to Spending

Former Secretary of Labor Alex Acosta told Newsmax on Monday that a recession is "certainly possible" and "likely" due to government spending.

While appearing as a guest on "National Report," Acosta reacted to a CBS interview with Treasury Secretary Janet Yellen over the weekend, during which she said that a recession is "not completely off the table."

When asked for his thoughts about the likelihood of a recession, Acosta said, "Well, it's certainly possible."

"Last week we got new labor data, and on the surface, it was very good data," he said. "But if you look behind at the job creation, for example, one out of three jobs that were created were government jobs, not private sector jobs. 209,000 new jobs, of which 60,000 were government jobs."

Acosta continued: "So, how much of this economy is really being driven by the private sector, and how much is being driven by government spending? And all this deficit spending that the administration's engaging in, and when that goes away, our economy is going to be in trouble and that cannot last forever."

"Will we see a recession? Likely. When … is the question. The government can put that off for a while, will probably try to put it off through the election. But the economy is not [in] good place with all this government spending."

Acosta also commented on Threads, the new social media app from Meta that's being positioned as a rival to Twitter, and noted that Twitter owner Elon Musk should be "worried" about it.

"Elon Musk questioned cancel culture, and cancel culture is pushing back. Elon Musk had the temerity to say, 'I want free speech on Twitter.' [Meta CEO Mark] Zuckerberg is taking advantage by offering an alternative, but this all goes back to cancel culture and whether or not Elon Musk is being canceled."

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