Some good economic perspective, to counter what will undoubtably be an increasing drumbeat of negativity from the media as we approach the next election.

Keep this in mind the next time you hear the chicken little's in the media wail and bawl about the imminent economic doom.

Bank of America Corp.’s CEO Brian Moynihan says he doesn’t see a recession in the offing because the U.S. consumer remains healthy.

“But if you actually think about it, there could be two reasons that the yield curve is moving around and you’re seeing that debate take hold,” he said. 

“Which in part is the flight to quality. 80 - 90% of all the yield in the world is available in the United States. So, the money comes flying here because you’re gonna give your money to someone — a thousand dollars — and they give you back less in 10 years ? Or you’re gonna give your money to someone — a thousand dollars — and they give you back more in 10 years?. And so, that’s why there’s a great debate about that,” the Bank of America CEO said. 

One bad ass Irish American, right there.

Moynihan said the debate about the U.S. economy’s trajectory comes down to the consumer. 

“And so in our customer base through this time Aug. 15 year to date, you’ve seen the amount spent by American consumers at Bank of America: $2 trillion,” he said. 

“It’s up 5.9% from last year through the same period of time. So, in [2017-18] you’re up about 8.5% and 2018-19 up 5.9%. So, think about that as $120 billion more spending by our consumers this year versus last year, which means the U.S. consumer continues to spend and that will keep the U.S. economy in good shape,” Moynihan explained.

According to the Bureau of Economic Analysis, consumer spending makes up 68% of the U.S. economic activity.