CUNA President/CEO Jim Nussle appeared on CNBC’s Closing Bell Wednesday to discuss the 2019-2028 economic outlook released by the Congressional Budget Office (CBO). Nussle served as former director of the Office of Management and Budget from 2007 to 2009 and has extensive experience on the topic when he served in Congress from 1991 to 2007.
“The CBO tends to be right down the middle in their forecast with a consensus hat there will be a recession at the end of 2021,” said Nussle. “What is surprising is the unresolved deal on the trade war.” During the segment, Nussle discussed the report, general state of the economy, and how credit unions are helping members meet their financial needs.
Nussle urged White House officials to find a resolution on trade, as it will affect jobs, consumer spending, and more.
Credit unions are already hearing frustration from their members. “They’re coming in and seeing their costs go up and that makes them worried. If consumers stop spending, that will force us into a recession,” explained Nussle.