Recession from inflation: Biden says not inevitable

Despite the recognition, Biden claims the US is “in a stronger position” than any other country to deal with rising inflation.

WASHINGTON – President Joe Biden told The Associated Press on Thursday that the American people are “really, really devastated” after two tumultuous years with the coronavirus pandemic, volatility in the economy and now soaring gas prices hitting family budgets .

He said a recession is not inevitable and bucked claims by Republican lawmakers that last year’s COVID-19 relief plan was entirely responsible for inflation hitting a 40-year high, calling the argument “bizarre.”

As for the general American mindset, Biden said, “People are really, really down.”

“They’re really down,” he said. “The need for mental health in America has skyrocketed because people have seen everything upset. Everything they relied on is upset. But most of it is the result of what happened, what happened as a result of the COVID crisis.”

In a 30-minute interview with the AP, Biden addressed economists’ warnings that the United States could be headed for a recession.

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“First, it’s not inevitable,” he said. “Second, we are in a stronger position than any other nation in the world to overcome this inflation.”

The President said he sees reason for optimism in the 3.6% unemployment rate and America’s relative strength in the world.

“Be confident because I am confident that we are better positioned than any other country in the world to dominate the second quarter of the 21st century,” Biden said. “That’s not an exaggeration, that’s a fact.”

RELATED: Mortgage rates continue to climb as interest rates poise for another jump

https://www.king5.com/article/news/nation-world/biden-tells-ap-news-recession-is-not-inevitable/507-537e800c-897a-4f2a-8fd3-93223177715b Recession from inflation: Biden says not inevitable

Alley Einstein

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