{"id":1520613,"date":"2022-06-17T12:06:02","date_gmt":"2022-06-17T16:06:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1520613"},"modified":"2022-06-17T12:06:06","modified_gmt":"2022-06-17T16:06:06","slug":"biden-claims-recession-not-inevitable-tells-americans-they-shouldnt-believe-economist-warnings","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-claims-recession-not-inevitable-tells-americans-they-shouldnt-believe-economist-warnings\/","title":{"rendered":"Biden Claims Recession \u2018Not Inevitable,\u2019 Tells Americans They \u2018Shouldn\u2019t Believe\u2019 Economist Warnings"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-claims-recession-not-inevitable-tells-americans-they-shouldnt-believe-economist-warnings%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1520613&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\">Joe Biden<\/a> said in a Thursday <a href=\"https:\/\/apnews.com\/article\/biden-ap-interview-4d2c2f9015341f280d8078182601ec58\">interview<\/a> with the <a href=\"http:\/\/dailywire.com\/topic\/associated-press\">Associated Press<\/a> that a <a href=\"http:\/\/dailywire.com\/topic\/recession\">recession<\/a> is \u201cnot inevitable,\u201d instead encouraging Americans to wait and see whether repeated warnings from <a href=\"http:\/\/dailywire.com\/topic\/economy\">economists<\/a> are correct.<\/p>\n<p>The interview came amid a week of poor economic news. The Consumer Price Index (CPI) increased <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">8.6%<\/a> year-over-year as of May and the Producer Price Index (PPI) increased <a href=\"https:\/\/www.dailywire.com\/news\/inflation-for-businesses-continues-at-double-digit-pace\">10.8%<\/a> over the same period in a continuation of record-high <a href=\"http:\/\/dailywire.com\/topic\/inflation\">inflation.<\/a> The stock market also entered <a href=\"https:\/\/www.dailywire.com\/news\/bloodbath-on-wall-street-as-stock-market-plunges-into-bear-territory\">bear territory<\/a> and the Federal Reserve <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-takes-most-aggressive-action-to-fight-inflation-in-three-decades\">hiked interest rates<\/a> by the highest increment since 1994. Meanwhile, the <a href=\"https:\/\/www.dailywire.com\/news\/wall-streets-key-recession-indicator-just-went-off\">yield curve inverted<\/a>, constituting one of Wall Street\u2019s key recession indicators.<\/p>\n<p>Yet despite <a href=\"https:\/\/www.dailywire.com\/news\/even-obamas-former-economic-advisor-recognizes-corporate-greed-isnt-to-blame-for-high-inflation\">economists<\/a> and <a href=\"https:\/\/www.dailywire.com\/news\/every-single-business-leader-surveyed-in-new-poll-thinks-a-recession-is-coming\">business leaders<\/a> sounding the alarm, Biden is still alleging that the economy is not in dire straits.<\/p>\n<p>\u201cYou\u2019ve got serious economists who warn of a recession next year\u2026 What should Americans believe?\u201d AP White House reporter Josh Boak asked Biden.<\/p>\n<p>\u201cThey shouldn\u2019t believe a warning. They should just say: \u2018Let\u2019s see. Let\u2019s see, which is correct.\u2019 And from my perspective, you talked about a recession. First of all, it\u2019s not inevitable,\u201d Biden replied before claiming that he <a href=\"https:\/\/twitter.com\/BenZeisloft\/status\/1537643707150831622\">reduced the budget deficit<\/a> and referred to a <a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/2021-report-economic-well-being-us-households-202205.pdf\">survey taken last year<\/a> to allege that Americans have more robust savings.<\/p>\n<p>Though unemployment is at near pre-recession lows and wages are nominally rising, real average hourly wages have <a href=\"https:\/\/www.bls.gov\/news.release\/realer.nr0.htm\">dropped<\/a> 3% year-over-year as of May \u2014 meaning Americans are tightening their budgets or working more than last year to enjoy the same standard of living.<\/p>\n<p>Boak noted the same reality. \u201cThey are less dependent on unemployment benefits and the government for aid, and yet more of them say they\u2019re having trouble with meeting their weekly expenses\u2026 What\u2019s that paradox?\u201d he pressed. In response, Biden pivoted to the Trump administration\u2019s \u201cfailure\u2026 to act on COVID\u201d and Americans\u2019 poor mental health.<\/p>\n<p>Biden <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-inflation-is-worse-everywhere-but-here-thats-not-even-close-to-true\">repeated his argument<\/a> that inflation is higher \u201cin every other major industrial country in the world\u201d \u2014 which Fox News correspondent Peter Doocy <a href=\"https:\/\/www.dailywire.com\/news\/thats-not-true-peter-doocy-throws-cold-water-on-white-house-claim-inflation-is-worse-everywhere-but-here\">pressed<\/a> White House Press Secretary Karine Jean-Pierre about on Thursday. The 8.3% inflation rate seen in the United States from April 2021 to April 2022 was higher than the 7.8% rate in the United Kingdom, the 7.4% rate in Germany, the 6.8% rate in Canada, and the 2.5% rate in Japan, according to the most recent available <a href=\"https:\/\/www.oecd.org\/sdd\/prices-ppp\/consumer-prices-oecd-06-2022.pdf\">data<\/a> from the Organization for Economic Cooperation and Development (OECD).<\/p>\n<p>Earlier in the AP interview, Boak pointed to the University of Michigan\u2019s benchmark <a href=\"https:\/\/fred.stlouisfed.org\/series\/UMCSENT\">Survey of Consumers<\/a>, which has shown consistent declines in consumer sentiment since April 2021. Yet Biden appeared to argue that respondents to the survey \u201chad a very different view\u201d until the Russian invasion of Ukraine.<\/p>\n<p>Biden also said there was \u201czero evidence\u201d that the $1.9 trillion American Rescue Plan caused inflation, then disagreed with Treasury Secretary Janet Yellen\u2019s earlier assertion that the package could end up causing a marginal contribution to inflation.<\/p>\n<p>\u201cNow you just said two different things. You said Republicans said I caused inflation. She said it may have a marginal impact on it,\u201d Biden told Boak. \u201cYou could argue whether it had a marginal, minor impact on inflation. I don\u2019t think it did. And most economists do not think it did. But the idea that it caused inflation is bizarre.\u201d<\/p>\n<p>Last year, an <a href=\"https:\/\/www.dailywire.com\/news\/comparing-trump-and-bidens-covid-relief-bills\">analysis<\/a> from the University of Pennsylvania\u2019s Wharton School showed that the American Rescue Plan was less effective than President Donald Trump\u2019s $2.3 trillion CARES Act, because the latter passed when the economy was at the worst point of the recession and therefore provided a more immediate boost to economic output.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden said in a Thursday interview with the Associated Press that a recession is \u201cnot inevitable,\u201d instead encouraging Americans to wait and see whether repeated warnings from economists are correct. The interview came amid a week of poor economic news. The Consumer Price Index (CPI) increased 8.6% year-over-year as of May and the &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1511047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1520613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1520613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1520613"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1520613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1511047"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1520613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1520613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1520613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}