3 out of 4 economists expect US will slide into recession by 2021

The president insisted "consumers are rich," but on Twitter he denounced his handpicked chairman of the Federal Reserve and blamed Democrats.
2:12 | 08/19/19

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Transcript for 3 out of 4 economists expect US will slide into recession by 2021
Victor, thank you. We move onto president trump tonight, dismissing any talk of a looming recession here in the U.S. The president saying, quote, consumers are rich and, quote, loaded up with money. President trump knows full well the economy will be a major factor in 2020, and the potential opponent who cam out early, saying the warning lights are flashing. ABC's Kyra Phillips at the white house tonight. Reporter: Tonight, with markets gripped by recession fears, the white house trying to hammer home one message. The fact is, the fundamentals of our economy are very strong. Reporter: But a new survey out today shows 3 out of 4 economists expect the country will slide into a recession by 2021. But despite that sobering warning, president trump insisting Americans are rich and spending cash. I don't think we're having a recession. We're doing tremendously well. Our consumers are rich, I gave a tremendous tax cut and they're loaded up with money. Reporter: But on Twitter, the president is already playing the blame game, denouncing his hand-picked chairman of the federal reserve for "Horrendous lack of vision," even accusing Democrats of "Trying to will the economy to be bad for the purposes of the 2020 election." Still, economists say the president's trade war with China has a lot to do with the instability. And since July, his opponent, senator Elizabeth Warren, predicting an economic downturn around the bend. There are a lot of danger sewns right now in this economy and I'm very worried. We still have time to pull back, but Donald Trump just doesn't seem to understand how. And Kyra Phillips with us live at the white house. You mentioned Elizabeth Warren there in the piece, and she's making news of her own, an apology? Reporter: Absolutely. She was appealing to native Americans in Iowa, and you'll remember that senator Warren received a lot of criticism for releasing results of that DNA test to prove her native American ancestry. Well, today, she said she is, quote, sorry for the harm she has caused. And she also detailed a series of proposals to tackle key issues for native Americans, making a direct appeal for their votes, David. Kyra Phillips tonight. There is news tonight about

This transcript has been automatically generated and may not be 100% accurate.

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