Biden Confesses, Economy Doomed?

Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons

Biden Confesses, Economy Doomed?

President Biden has said that a “slight recession” might occur but that people in the United States should not worry about a possible recession. In an interview with CNN’s Jake Tapper, Biden was asked whether Americans should be preparing for an economic decline.
Biden reiterated that there was no recession yet, and that if there is one, it will only be a very small decline.

He also added that the American Rescue Plan, known for the COVID-19 relief package, and the Inflation Reduction Act which include reforms both in taxes and the climate are going to have a positive impact on the economy.

Biden said that with everything that has been achieved, an out-of-the-blue recession is not going to happen. He also added that those who have been predicting one, have constantly been talking about recessions occurring when none of them have.

When Tapper pressed again if there is even a slight possibility of a recession, Biden said that there is, but it is not something they are anticipating will happen.

The President has maintained this position since June when the Federal Reserve made the first increase in interest rates. Federal officials have taken many steps to combat the high inflation rates.

Biden also said that ahead of the midterm elections, this is something important for the Democrats to run as the Republicans are not offering any sustainable solutions. As he said, if they get rid of the Inflation Reduction Act, they would also increase drug and medical costs again and would not provide tax credits for those who made their homes more sustainable.

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