"We're very far from a recession," Trump told reporters during a White House visit by Romanian President Klaus Iohannis. He added that the United States is doing well on the economy but "the fact is somebody had to take China on." Trump has been talking up the economy in recent days and dismissing recession fears. A strong economy is seen as key to his re-election prospects in 2020, but trade tensions with China are stoking concerns about an imminent slowdown.
Millions of US workers pay payroll taxes on their earnings to finance the Medicare health insurance program for the elderly and Social Security, which provides income payments for retirees.