Biden Said WHAT about a Recession?

Joe Biden

( – President Joe Biden has declared he sees a “very slight” chance that the economy will fall into a recession and has forecast that even if it does, “it’ll be a very slight recession.”

Seeking to downplay any economic failures that are happening on his watch, in recent months, Biden’s administration has been disputing the classic definition of the start of an economic downturn – namely, when the economy shrinks for two quarters in a row.

Biden has now rejected the claims that America is already in a recession. Yet, he has gone further by dismissing the possibility of a recession in the upcoming months.

“Every six months they say this. Every six months, they look down the next six months and say what’s going to happen. It hadn’t happened yet,” the president told CNN anchor Jake Tapper in an interview.

He was referring to the economic forecasts made by some of America’s largest banks.

“I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly,” Biden stated then.

“It’s possible. I don’t anticipate it,” he added with further confidence.

At the same time, the Democrat president acknowledged “real problems” in the US economy but argued that recent legislation passed by his administration – such as the Inflation Reduction Act – would help alleviate those.

“[This legislation has put us in] a better position than any other major country in the world economically and politically,” Biden argued.

In a CNBC interview earlier this week, Jamie Dimon, the CEO of JP Morgan Chase, warned that America was likely to succumb to a recession in 6-9 months.

Dimon said there would be a “very, very serious” mix of worsening factors that could cause a recession in the United States and worldwide by the middle of 2023.

Biden’s comments about a “slight” chance of a “slight recession” in a few months came just hours after the International Monetary Fund, a UN agency, published its forecast for a global economic slowdown.

“In short, the worst is yet to come and, for many people, 2023 will feel like a recession,” the IMF said.

The Fund dwelled on the “tightening of monetary and financial conditions in the United States.”

It declared that US inflation would combine with an economic slowdown in China and the effects of the invasion of Ukraine by Putin’s Russia to cause a slew of global economic challenges.

What is your opinion about how Biden is handling the economy? Please share your thoughts by emailing [email protected]. Thank you.