Europe top risk to U.S. recovery: White House’s Krueger

Alister Bull
November 16, 2011

President Barack Obama’s top economic adviser said on Tuesday that the European debt crisis was the leading risk to the U.S. recovery, underlining a threat to the president’s re-election hopes in 2012.

Alan Krueger, chairman of the White House Council of Economic Advisers, also said that Obama’s $447 billion jobs bill would provide insurance against another shock to the economy, which could rebound strongly if confidence improved.

“If you were going to make a list of downside risks to the economy, the sovereign debt issues in Europe, the banking issues in Europe, are at the top of everybody’s list of identifiable threats,” he told a Wall Street Journal CEO Council, in which he answered questions from corporate bosses. Videos:

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