President Biden Insists US Recession Is Not Inevitable — Treasury Secretary Yellen Concurs – Bitcoin News
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President Joe Biden and Treasury Secretary Janet Yellen say that a U.S. downturn isn’t inescapable, excusing the worries of numerous financial experts who have anticipated a forthcoming downturn. Moreover, Biden demanded that the U.S. will “overcome this inflation” while Yellen conceded that “inflation is unacceptably high.”
Biden: U.S. Downturn Isn’t Inevitable
President Joe Biden repeated to columnists Monday in Rehoboth Beach, Delaware, that a U.S. downturn isn’t “inevitable.”
Asking Biden about a possible downturn, a journalist said, “Economists are saying that a recession is more likely than ever.”
The president immediately intruded on the columnist by saying: “Not the majority. Come on, don’t make things up.” Biden added: “Now you sound like a Republican politician. I’m joking. That was a joke, that was a joke.”
Stating that “all kidding aside,” the president continued:
No, I don’t think it is. I was conversing with Larry Summers toward the beginning of today, there’s nothing unavoidable about a recession.
Biden referred to the discussion he professed to have had with previous Treasury Secretary Lawrence Summers, who said on NBC Sunday: “My best guess is a recession is ahead.”
Summers made sense of his downturn estimate: “I base that on the fact that we haven’t had a situation like the present, with inflation above 4% and unemployment beyond 4% without a recession following within a year or two. And so, I think the likelihood is that in order to do what’s necessary to stop inflation, the Fed is going to raise interest rates enough that the economy will slip into a recession.”
This was not whenever Biden first excused worries that a U.S. downturn is coming. In a meeting with the Associated Press after the Federal Reserve reported the greatest rate climb starting around 1994 last week, he opined:
First of all, it’s not unavoidable. Furthermore, we’re in a more grounded position than any country on the planet to beat this inflation.
Yellen Expects U.S. Economy to Slow however Claims Recession Is Not the least bit Inevitable
Sharing Biden’s confidence about the U.S. economy is Treasury Secretary Janet Yellen. She told ABC News on Sunday that the downturn which numerous Americans dread isn’t “at all imminent.”
“I expect the economy to slow, it’s been growing at a very rapid rate as the economy, as the labor market has recovered and we have reached full employment. It’s natural now that we expect to transition to steady and stable growth,” Yellen said, emphasizing:
But I don’t think a downturn is at all inevitable.
Nonetheless, the depository secretary pushed: “Clearly, inflation is unacceptably high.”
Yellen likewise said at The Times’ Dealbook D.C. strategy discussion early this month that “There’s nothing to suggest a recession is in the works.”
What do you contemplate the remarks by President Joe Biden and Treasury Secretary Janet Yellen about a U.S. downturn? Tell us in the remarks segment below.
Kevin Helms
Image Credits: Shutterstock, Pixabay, Wiki Commons
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