Former vice president Joe Biden snapped at a reporter who asked about economists warning of a recession because he can’t handle the facts. “Come on! Don’t Make Things Up!”
On Monday, while Biden was on yet another vacation in Delaware, a reporter asked him about the fact that economists are forecasting a recession. Biden snapped at the reporter saying “don’t make things up.”
“Economists are saying that a recession is more likely than ever,” the reporter can be heard saying to Biden on a beach in Delaware.
Biden said “not the majority,” and said “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 said. “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.”
Yet, Larry Summers didn’t say that when he appeared on NBC. In fact, he said he thinks a recession is ahead of us.
“My best guess is that a recession is ahead. I base that on the fact that we haven’t had a situation like the present with inflation above 4% and unemployment beyond 4% without a recession following within a year or two. And so I think the likelihood is 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 a recession,” Summers said on NBC.
The Wall Street Journal surveyed a group of economists who have stated that the chances of a recession in the United States within the next year is at 44%. That is entirely too high for comfort. The odds of a recession happening have jumped from 18% in January, 28% in April, and now 44% in June.
While unemployment generally goes up during periods of recession, the experts surveyed believe unemployment will remain below 5%. They expect unemployment to creep up from 3.6% currently to 4.2% at the end of 2023.
During the recession of 2008-09, unemployment more than doubled to 10%.
Although the S&P 500 has lost 24% of its value since the start of the year, President Joe Biden told reporters Monday that a recession is not inevitable. Part of what is sparking concern for a recession is the Federal Reserve’s latest interest rate hike.
The Federal Reserve raised the interest rate by 0.75%. This was the largest interest rate increase since 1994.
While former vice president Joe Biden keeps his head in the sand about the sad state of the country, we are feeling the consequences of his actions.
According to data collected by Civiqs, Biden’s job approval fell to 32 percent in June, down from 34 percent in May. This marks its lowest level since the former vice president was installed into the highest office last year.
As the former vice president continues vacationing and enjoying the high life, we the people continue to feel the hurt of his and the government’s actions. They continuously say that he is not responsible for our record-high gas prices, yet he canceled the Keystone Pipeline on his first day in office and refuses to allow any drilling on federal land, leaving us to the mercy of the world for gas.
He has signed over hundreds of billions of dollars to Ukraine while we have mothers and fathers struggling to feed their infants. He encourages immigration by the millions, yet we struggle to feed and house citizens who were born here.
He is by far the worst president in our history.