August 20, 2019

WASHINGTON (AP) — The “fundamentals” of the U.S. economy are solid, the White House asserted Monday, invoking an ill-fated political declaration of a decade ago amid mounting concern that a recession could imperil President Donald Trump’s reelection.

Exhibiting no such concern, senior adviser Kellyanne Conway declared to reporters, “The fact is, the fundamentals of our economy are very strong.”

It’s a phrase with a history. Republican John McCain was accused of being out of touch when he made a similar declaration during the 2008 presidential campaign just hours before investment bank Lehman Brothers filed for bankruptcy, setting off a stock market crash and global financial decline.

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