Biden predicts the US may experience ‘slight recession’
‘I don’t think there will be a recession. If it is, it’ll be a very slight recession’
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.President Joe Biden on Tuesday said he does not believe the US economy will enter a recession, but if there is one it will be “very slight”.
Speaking during an interview on CNN, Mr Biden was asked by host Jake Tapper about predictions of an imminent economic downturn made by US bank executives and analysts, including a recent statement by the CEO of JP Morgan Chase predicting the US will enter a recession in the next nine months.
Pressed on whether the American people should prepare for an economic downturn, Mr Biden said “no” and pointed out that analysts have been predicting a recession with regularity but those predictions haven’t been borne out by reality.
“Every six months, they look down the next six months and say what’s going to happen. It hadn’t happened yet,” he said. “I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly.”
Mr Biden added that the US is currently “in a better position than any other major country in the world economically and politically,” though he acknowledged that the country still has “real problems” to deal with.
When asked about his remark that a “slight recession” was possible, the president told Mr Tapper he does not “anticipate” one happening.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments