Posted on 10/12/2022 6:44:08 AM PDT by Red Badger
President Joe Biden acknowledged Tuesday that there may be a “slight recession” looming, saying the U.S. economy may “move down slightly.”
CNN’s Jake Tapper asked Biden in an interview if “the American people should prepare for a recession,” given the rising gas prices and predictions from JP Morgan Chase CEO Jamie Dimon, who said in August there are economic “storm clouds” on the horizon.
“I don’t think there will be a recession, and if there is, it’ll be a slight recession, that is, we’ll move down slightly,” Biden told Tapper.
The president has repeatedly said he doesn’t think there will be a recession, despite there being two consecutive months of negative GDP growth over the summer, which meets the colloquial definition of a “recession.”
The White House has argued that the months of negative growth did not meet the “technical definition” of a recession, which, according to the National Bureau of Economic Research, is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.”
“The employment rate is still one of the lowest we’ve had in history. It’s in the 3.6 [percent] area. We still find ourselves, the people, investing,” Biden said in July.
“My hope is we go from this rapid growth to a steady growth. And so, we’ll see some coming down. But I don’t think we’re going to – God willing – I don’t think we’re going to see a recession,” he added.
Biden spoke at length about foreign policy, specifically the Russian war on Ukraine. He also answered a question on running for a second term, saying he believes he “can beat Donald Trump again” and will go into the process of making his official 2024 campaign announcement after the midterms.
Biden said he has “no intention of meeting” Vladimir Putin at the upcoming G20 meeting and that the Russian president has committed “war crimes.” Biden would be willing to meet Putin, however, if he initiates the conversation and wants to speak about U.S. basketball star Brittney Griner, who has been detained by Russia for months.
He also appeared to backtrack on a comment he made comparing the current Russia-U.S. tensions to the Cuban Missile Crisis, saying that he doesn’t “think” Putin “will use a nuclear weapon,” but that it’s “very irresponsible” for him to talk about it.
Biden said Thursday that he thinks Putin is “not joking” about deploying nuclear weapons amid the war on Ukraine and that doing so would result in “armageddon.”
We are in a “slight” inflationary period too. And a “slight” incursion by Russia into Ukraine might be acceptable. Apparently, our slightly lucid President’s favorite word is “slight”
We are in a “slight” inflationary period too. And a “slight” incursion by Russia into Ukraine might be acceptable. Apparently, our slightly lucid President’s favorite word is “slight”
‘Slight recession’
Slight. Right now, container ships are empty. Contractors do not have new contracts for building. People are getting into serious credit card debt just trying to feed themselves. On top of that, OPEC just cut oil production and the #1 oil producing nation in the world has a leader who shut down it’s production. I suspect Fuel will reach 10-12 dollar a gallon somewhere in the US by April or May of next year. Expect the Fed, so afraid of inflation, to increase interest rates on a routing basis for another year. Inflation whose main driver is based upon fuel prices, increased by a unwanted and avoidable Ukraine war, and idiots blocking production, refining, and transportation of product here.
I am actually hopeful that we will only have a recession. I say that because ‘if’ we start to see large scale housing defaults, credit non-payments, stock markets losses, we could very well slip into Depression. Not kidding.
Right, slight. Just like inflation was …transitory.
He hangs his hat on the unemployment rate, but if you can find an honest economist he will tell you that employment is a lagging indicator for recession.
Who is John Galt?.............................
We are already in recession and it will get much worse in 2023.
LOL. Save this quote for when the Not Seen in Half A Century Stagflation Recession comes with negative growth and massive inflation.
More like a DEPRESSION if I know my history.
“Slight recession”
——————————-
There we have Xiden’s ‘read my lips’ moment.
They will tell everyone that the economy is fine and we are having the most prosperous moment in our history.
The MSM will parrot it, and the Dems will believe it with all their heart..............
More buffoonery from the sock puppet buffoon.
Sheesh! This guy is never right!
We’re already there; it’s a depression that’s coming over the Winter.
The Bidens don’t shop at WalMart or pay utility bills or buy anything on Amazon or go to the gas station to fill the tanks of their black SUV’s all by themselves. They’ve got people paid with hundreds of thousands of dollars of taxpayer’s money to do all that scut work for them. So how the hell would the plagiarist-hairsniffer-in-chief even know what color the sky is?
Well if you read shadowstats.com you are aware that pretty much all of these government sponsors statistics are bogus. And that includes unemployment statistics.
We’re experiencing 15% inflation at the very least. The negative economic growth the last two quarters as claimed by the government is not nearly as bad as what is really happening.
And actually the real definition of inflation is the expansion of the money supply. And I do not have the exact percentage in front of me right now but as I recall since covid the money supply has been expanded somewhere in the range of 50%.
Nobody can turn the country into Chicago and Seattle like Joe Biden & party and a depression for the bonus round.
We’ve been in a recession. 2 consecutive quarters of negative growth / contraction is a recession.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.