Biden “Assures” the Public There’s No Threat of a Recession

"Tổng thống Joe Biden" by manhhai

A recent poll showed exactly how low Biden’s approval rating has sunk.

Only three in ten Americans are actually approving of his moves in fixing the economic crisis, which, might I remind you, he’s partially to blame for.

It’s been less than a year since the Biden administration was ever-so-adamant on claiming the inflation we were experiencing was transitory; yet here we are, stuck in a self-revolving, declining economy with a threat of a recession right around the corner.

“Joe Biden” by GPA Photo Archive

Biden may be more out of touch than we initially thought

Thankfully, redefining a term completely absolves any issue at hand, at least according to the White House, which only recently published an update to the definition of the term.

Following the update, Biden mustered up his strength to do a public appearance and assure the American people we’re not going to be in a recession in 2023, touting low unemployment rates in the country.

However, right after such a bold claim, the president seemed to have lost the fervor he initially went into the press conference with.

Biden then began claiming he’s not sure whether we’re going into a recession, hoping the current rapid growth of the economy will gradually turn into more steady growth.

Naturally, the president’s way was paved by the White House officials who went above and beyond to try and fix what was already beyond repair, redefining the economic phenomenon that was once defined by two quarters of economic shrinkage.

Leading economists rebuke Biden’s claims

As we’ve already experienced one such quarter, with a second one due after a report this Thursday, the administration had to work fast, demanding a more “holistic” measure should be used instead, including many more factors.

Unfortunately, facts don’t care about your feelings. At least 52% of Americans don’t exactly have hope for the economy in the upcoming period, whereas more than 60% are convinced a recession is due in 2023.

The head of the National Economic Council, Kevin Hasset, who was appointed to his position by the Trump administration, stated it’s time to face the music.

Hasset said the Biden administration should finally come clean and admit what millions of Americans already know is coming.

In fact, dozens of economists around the world spoke up on the recession in the US, with Nouriel Roubini claiming there are dozens of reasons why the impending recession is unavoidable, adding the idea of it being short-lived and shallow is absurd.

The main difference from the previous two recessions the US experienced is this one was directly caused by tightening monetary policy as a way of combating inflation, which inadvertently ate up all the fiscal space the US had left.

Roubini is of the opinion the incoming crisis could be detrimental to the US’ standing, with some factors pointing to it being worse than the economy in the 1970s.

This article appeared in The Record Daily and has been published here with permission.