President Joe Biden wrecked the American economy in record time. Should anyone believe him when he says a major downturn is not on the way?
Biden told CNN's Jake Tapper that there's only a chance of a "slight recession," if anything at all, The Hill reported. The president made these remarks Tuesday when speaking about his worries for the ecconomy.
Tapper had asked whether Americans should brace for a recession. "No," Biden told him. "It hadn't happened yet."
"I don't think there will be a recession," Biden said. "If it is, it'll be a very slight recession. That is, we'll move down slightly," the president added.
Biden cited two bloated spending bills as his source of confidence. Both the COVID-19 handouts in the American Rescue Plan and the incorrectly named Inflation Reduction Act amount to government spending that Biden incorrectly believes will keep the economy humming along.
"I mean, there's so much that's been accomplished," Biden said. "There's an automaticity to a recession, and it's just not, it's just not there. … They've been predicting this off and on," the president claimed.
The host reminded Biden that he did say a minor recession was a possibility. "It is possible. Look, it's possible. I don't anticipate it," Biden claimed.
The president further warned that Republicans winning back Congress in the midterm elections would roll back Democrat entitlements. "The first thing they said they're going to do is get rid of the Inflation Reduction Act. And so what's that do?" Biden said.
"They're going to raise drug prices, raise medical costs again, be sure that we're going to no longer be able to have the ability to have tax credits for weatherizing your homes," he claimed, citing goodies in the Inflation Reduction Act. However, most Republicans also agree that government spending is partly to blame for inflation woes that could spark a recession.
Biden has done major damage to the economy. Whether he admits it or not, hard times are certainly ahead.