Recession

He Rebuked a Journo Who Dared To Say Recession

Joe Biden scolded a reporter for asking him about financial experts anticipating an economic recession on the horizon during an outing to the beach. Biden “joked” that the reporter seemed like a Republican political leader.

“Economists are saying that a recession is more likely than ever,” the reporter asked Biden on a beach in Delaware.

Previous President Barack Obama’s financial consultant, and previous Treasury Secretary, Larry Summers warned that an economic crisis is “more likely than not,” at this moment.

Biden reacted to the press reporter by stating it is “not the majority” opinion of economists, adding “come on, don’t make things up.”

“Now you sound like a Republican politician, I’m joking, that was a joke, that was a joke,” Biden continued. “But all kidding aside, no I don’t think it is. I was talking to Larry Summers this morning, there’s nothing inevitable about a recession.”

Appearing on NBC on Sunday, Summers once again cautioned about an economic crisis.

Summertimes stated that previous circumstances with high inflation and joblessness, like the one we are presently in, have actually resulted in economic crises within a  “year or two.”

“Look, nothing is certain and all economic forecasts have uncertainty. My best guess is that a recession is ahead,” Summers said while appearing on NBC’s “Meet The Press.” “I base that on the fact that we haven’t had a situation like the present with inflation above 4 percent and unemployment beyond 4 percent without a recession following within a year or two.”

Summers included that it’s most likely “that in order to do what’s necessary to stop inflation. the Fed is going to raise interest rates enough that the economy will slip into recession.”

“And I think that view, which was not a common view a couple months ago, is now the view of a number of statistical models and the view of a range of forecasters and I think will increasingly become a consensus view,” Summers continued.

Summer seasons’ analysis remained in sharp contrast to that of present Treasury Secretary Janet Yellen.

“I expect the economy to slow,” Yellen said during an appearance on ABC’s “This Week” on Sunday. “It’s been growing at a very rapid rate. … The labor market has recovered, and we have reached full employment.”

“It’s natural now that we expect a transition to steady and stable growth,” Yellen continued. “That’s going to take skill and work, but I believe it’s possible. I don’t think recession is inevitable.”

H/T Timcast

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