On Tuesday, President Joe Biden acknowledged in an interview with CNN that he does not anticipate an economic downturn, but a “slight recession” is possible.
Anybody else slightly surprised? https://t.co/44qQrpwktR
— Daily Caller (@DailyCaller) October 12, 2022
As inflation continues to ravage the United States, economists and big banks are bracing against a looming recession. In Tuesday’s interview, Biden acknowledged the possibility for the first time.
When asked by CNN host Jake Tapper about the possibility of a recession, Biden downplayed the chances but ultimately conceded that it was possible.
“I don’t think there will be a recession,” Biden began. “If it is, it will be a very slight recession. That is we’ll move down slightly.”
“Look, it’s possible,” he added. “I don’t anticipate it.”
In September, a poll showed that 72% of economists believed the nation would enter a recession by the middle of 2023.
On Monday, JPMorgan Chase CEO Jamie Dimon sounded alarms by stating the U.S. would likely enter a recession in the coming six to nine months. Stocks immediately dipped in response to the announcement.
Biden dismissed the news.
“Every six months they look down the next six months and say what’s going to happen,” he said. “It hadn’t happened yet.”
“I mean … so much has been accomplished that the idea that … there’s an automaticity to recession is just not … there,” Biden stated.
Biden admitted that Americans do face a litany of economic concerns.
“[Americans] have reason to be concerned about energy prices,” Biden said. “They have reason to be concerned about a whole range of issues.”
“But look what we’ve done,” he added.
Tapper then questioned the president on the midterm elections, and how the economic downturn would affect Democratic candidates. Biden focused his response on the Republican Party, saying they are “gonna raise drug prices, raise medical costs, be sure that we’re going to no longer be able to have the ability to have tax credits for weatherizing your home, saving money.”
“I mean, I don’t know what they’re for,” he told Tapper.
Biden also touted the Inflation Reduction Act, which he signed into law in August.