After being asked by a reporter about economists forecasting a recession on Monday, President Biden responded with a shot at the reporter: “Don’t make it up!” “Economists say that a recession will be more likely than ever,” Biden can hear the reporter saying on a Delaware beach.
Biden stated that “not the majority” and added, “Come on, don’t make it up.”
Biden stated, “Now you sound like an American politician, I’m laughing, that was joke, that wasn’t a joke, that is a joke.” “But all jokes aside, I don’t believe it is. Larry Summers told me this morning that a recession is not inevitable.
He stated that he believed he could reduce insulin’s cost and increase taxes for those who work in the corporate sector.
Summers spoke on Sunday on NBC and said that a recession is likely, just as it did in the past due to high levels of inflation.
“I believe there will be a recession. This is based on the fact that there has never been a situation such as this with inflation exceeding 4% and unemployment above 4%, without a recession within a year or so. Summers stated on NBC that the Fed will raise interest rates to prevent inflation. “I think that’s the likely scenario.” Summers said.
Summers stated that an “overheated economy” was the most likely reason for a recession during a CNN appearance on June 15.
He also stated that the United States has the potential to use electric vehicles and renewable energy. His team will be meeting with CEOs of oil companies to discuss “how they can justify making $35 billion in quarter one.”
The inflation rate rose 8.6% in May to a new 40 year high. On Sunday, the national average gallon price trended slightly lower at $5.
Janet Yellen, Treasury Secretary, stated Sunday that the only solution to the rising gas prices and energy crisis in the medium term was to shift to renewable energy.