Possible to beat recession: Joe Biden

PTI

Washington, June 17

President Joe Biden said on Thursday that the American people were “really, really down” after a tumultuous two years with the Covid pandemic, volatility in the economy and now surging gasoline prices that are slamming family budgets. But he stressed that a recession was “not inevitable” and held out hope of giving the country a greater sense of confidence.

In an interview, the President spoke about the battered economy he inherited and the lingering psychological scars caused by a pandemic that disrupted people's sense of identity. He bristled at claims by Republican lawmakers that last year's Covid aid plan was fully to blame for inflation reaching a 40-year high, calling that argument “bizarre”. As for the overall American mindset, Biden said, “People are really, really down. Their need for mental health in America has skyrocketed because people have seen everything upset,” Biden said. Biden addressed the warnings by economists that fighting inflation could tip United States into recession.

“First of all, it's not inevitable,” he said. "Secondly, we're in a stronger position than any nation in the world to overcome this inflation.” As for the causes of inflation, Biden flashed some defensiveness on that count. “If it's my fault, why is it the case in every other major industrial country in the world that inflation is higher?” he said.

The President's statement appeared to be about inflation rising worldwide, not necessarily whether countries had higher rates than the US. — AP

Can fight inflation

First of all, recession not inevitable. Secondly, we're in a stronger position than any nation in the world to overcome inflation. Joe Biden, US President

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