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.
