Last updated on July 18th, 2023 at 01:57 pm
In an interview with CNN, President Biden wasn’t buying the predictions that the US is going to slip into a recession.
Video of Biden:
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Jake Tapper asked Biden if the American people should prepare for a recession.
The President answered:
No. Look, they have been saying this now every six months they say Every six months they look down the next six months and say what’s going to happen. It hadn’t happened yet. There is no — there’s no guarantee that they’re — I don’t think there will be a recession. If it is, it will be a slight recession.
That is, we’ll move down slightly. Look, think about what’s happened. We have done more — we’re in a better position than any other major country in the world economically and politically. We still have real problems, but look what we got done. We passed so much legislation that significantly makes a point about, you know, for example, the American Rescue Plan, the legislation that deals with inflation — the inflation act. We moved along — I mean, there’s so much that’s been accomplished that the idea that there’s something —Â
Tapper reminded the president that he said that a slight recession is possible, and Biden continued:
It is possible. It’s possible. I don’t anticipate it. But I do think — look, we talk about the impact on families. The families are — they have reason to be concerned about energy prices. They have reason to be concerned about a whole range of issues. But look what we’ve done. We’ve been able to — the Inflation Reduction Act.
I know I’m always quoting my dad, but my dad used to say, is there any breathing room for a middle-class family? And the breathing room is after all the bills are paid at the end of the month if they have anything left. There’s more than one way to bring down the cost, monthly cost for people who, in fact, are struggling to make sure ends meet and they have enough money.Â
Biden is right. Wall Street wants a recession because it will help the markets because they assume that it would drive interest rates lower.
The problem is that those who are predicting a recession are doing so based on conventional economic wisdom, but the world economy has never been a post-global pandemic place. There is no precedent for what is going on right now.
The US is in a better position than the rest of the world, thanks to Biden and the Democrats, and it would not be surprising if the Republican and Wall Street predicted recession never arrived.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
