Biden Claims Recession ‘Not Inevitable,’ Tells Americans They ‘Shouldn’t Believe’ Economist Warnings
WASHINGTON, DC - JUNE 01: U.S. President Joe Biden meets virtually with baby formula manufacturers at the Eisenhower Executive Office Building on June 01, 2022 in Washington, DC.
Kevin Dietsch/Getty Images
President Joe Biden said in a Thursday interview with the Associated Press that a recession is “not inevitable,” instead encouraging Americans to wait and see whether repeated warnings from economists are correct.
The interview came amid a week of poor economic news. The Consumer Price Index (CPI) increased 8.6% year-over-year as of May and the Producer Price Index (PPI) increased 10.8% over the same period in a continuation of record-high inflation. The stock market also entered bear territory and the Federal Reserve hiked interest rates by the highest increment since 1994. Meanwhile, the yield curve inverted, constituting one of Wall Street’s key recession indicators.
Yet despite economists and business leaders sounding the alarm, Biden is still alleging that the economy is not in dire straits.
“You’ve got serious economists who warn of a recession next year… What should Americans believe?” AP White House reporter Josh Boak asked Biden.
“They shouldn’t believe a warning. They should just say: ‘Let’s see. Let’s see, which is correct.’ And from my perspective, you talked about a recession. First of all, it’s not inevitable,” Biden replied before claiming that he reduced the budget deficit and referred to a survey taken last year to allege that Americans have more robust savings.
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