After messing up the American economy, Biden is in damage control mode, as he downplayed the looming economic recession.
Even though economists believe the recession is around the corner, Biden claimed the economic downfall is “not inevitable.”
Biden Overly Optimistic on Recession Fears
In his rare sit-down interview, Biden spoke to the Associated Press reporter on Friday.
Although the president acknowledged voters are worried about the deteriorating economic condition of the country, he still claimed the recession could be averted.
Totally clueless. He’s never getting re-elected. Lame duck president now.
AP Interview: Biden says a recession is 'not inevitable' | AP News https://t.co/tKSt0LElHa
— Ethereum West (Not-A-Security) (@EthereumWest) June 18, 2022
The president also gave Americans a unique way of tackling the worsening economy of the country. He said people should reply, “let’s see who is correct,” whenever economists try to warn them about the recession.
According to the latest models of Bloomberg Economics, the likelihood of a recession has increased to 72% at the start of 2024.
This economic projection is likely to hurt Biden’s reelection bid; the consequences will be felt across the country at the time of the next presidential voting season.
Joe Biden first President in decades to push America into a recession & create a 40 yr high inflation in just 15 months.Joe Biden first President to have the worst approval rating in recent history,Joe Biden first Pres. to ever fall up the stairs TWICE & then fall off his bike.
— Mike (@Mike05079897) June 19, 2022
Even though top economists have blamed Biden’s socialist spending spree for chronic inflation, the president denied taking the blame for Americans’ misery.
He reiterated his baseless claims, saying there was “zero evidence” his $1.9 trillion COVID relief package contributed to prevailing inflation in the country.
Instead, the president tried to tout his agenda during the interview, adding his administration is prepared to counter any economic emergency.
The interviewer continued grilling Biden over his poor economic performance. He reminded Biden of the recent polls in which he is struggling to maintain his position, even with Democratic voters.
Responding to these concerns, Biden asserted he helped the fragile economy after the pandemic era and managed to vaccinate a large number of people.
However, Biden continued, Russian aggression against Ukraine disturbed the global oil supply, which played the lion’s share in making inflation worse for Americans.
Oil Markets Panic Over Recession Worries
While defending his poor economic performance, Biden said the whole world is struggling with unprecedented inflation, which means he should not be blamed for all the mess.
So, since the start of his presidency, he managed to reduce the deficit of the country significantly, which translates into more job growth and a better life for Americans, Biden added.
Almost all the economic indicators and market behavior are going against Biden’s overly optimistic assertion.
As the Fed announced a historical rise in the interest rate, a panic started prevailing within the markets. This was evident from the sudden drop in global oil prices, which dropped by nearly 5% over recession worries.
Oil experts indicated the price fall is due to the interest rate hike, which makes manufacturers believe the consumption of oil will significantly decrease with the nosediving economic activity in the upcoming months.