Staff Reports
President Joe Biden told CNN in an interview aired on Tuesday's "CNN Tonight" that people shouldn't prepare for a recession since those who predict one have been saying so every six months, and that if there is a recession, it will be a very mild recession, that is, we'll move down minimally. However, he does not expect a moderate economic slowdown.
The host, Jake Tapper, posed the following question: Jamie Dimon, CEO of JP Morgan Chase, stated that it is possible that the United States would face a recession within the next 9 months. According to Bank of America, the United States might start losing 175,000 jobs each and every month. The cost of a gallon of gas is once again climbing. Should the people of the United States brace themselves for a recession?
Biden said, No. Look, they've been saying this for how long now — roughly once every half a year, they say this. They do this once every six months and predict what will occur in the following six months based on what they see. That event has not taken place as of yet. There hasn't been a recession, there hasn't been a guarantee that there would be a recession, and I don't think there will be a recession in the future. If it is, then it will only be a very mild recession; in other words, we will only fall very marginally. We are going to look into the situation and give it some thought. We have made greater progress, and both economically and politically, the United States is in a stronger position than any other significant country in the world. Even though we are currently facing significant challenges, look at everything that we have accomplished. We were able to get so much legislation enacted that significantly makes a statement about, you know, the American Rescue Plan, the legislation to deal with inflation called the Inflation [Reduction] Act, and so on and so forth. We went along — I mean, there is so much that has been accomplished that the concept that there is something — there is an automaticity to recession is just not there. We moved along. They keep — in fact, they've been making intermittent predictions about this for the last.
Then, Tapper interjected to contradict him, saying, but you just stated that a minor recession is probable.
Biden gave the following response: It is plausible. Consider this: it's not impossible. I don't foresee it.
The preceding is a summary of an article that originally appeared on Breitbart.
