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Biden: Recession not inevitable in US economy

President Joe Biden said Thursday the American people are “really, really down” after a tumultuous two years with the coronavirus pandemic, volatility in the economy, and now surging gasoline prices that are slamming family budgets.

Biden: Recession not inevitable in US economy

Biden: Recession not inevitable in US economy

STEPANAKERT, JUNE 17, ARTSAKHPRESS: But he stressed that a recession was “not inevitable” and held out hope of giving the country a greater sense of confidence, AP reported.

Speaking to AP in a 30-minute Oval Office interview, the president bristled at claims by Republican lawmakers that last year’s COVID-19 aid plan was fully to blame for inflation reaching a 40-year high, calling that argument “bizarre.”

As for the overall American mindset, Biden said, “People are really, really down.”

“Their need for mental health in America has skyrocketed because people have seen everything upset,” Biden said. “Everything they’ve counted on upset. But most of it’s the consequence of what happened, what happened as a consequence of the, the COVID crisis.”

Biden addressed the warnings by economists that fighting inflation could tip United States into recession.

“First of all, it’s not inevitable,” he said. “Secondly, we’re in a stronger position than any nation in the world to overcome this inflation.”

As for the causes of inflation, Biden flashed some defensiveness on that count. “If it’s my fault, why is it the case in every other major industrial country in the world that inflation is higher?” he said.

The president said he saw reason for optimism with the 3.6% unemployment rate and America’s relative strength in the world.

“Be confident,” Biden said. “Because I am confident. We’re better positioned than any country in the world to own the second quarter of the 21st century.”


     

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