President Joe Biden has taken increased criticism over the past several weeks as inflation and high energy costs continue to hit the pocketbooks of American voters.
Biden and his top officials have adamantly stated that a recession isn’t inevitable, an assertion contrary to what a growing number of economists are saying, but White House Press Secretary Karine Jean-Pierre seemed to contradict that narrative during a press briefing on Tuesday.
When asked about the U.S. economy possibly soon entering recession status, Jean-Pierre praised President Biden for passing the American Rescue Plan, before admitting that the country will soon be dealing with a recession, a possibility that she and the White House has denied at nearly every other turn.
“We see that our economic strength that we have seen from this past year from the action that the president has taken with the American Rescue Plan with what we have seen with the historic gains, that is going to help us deal with the recession,” Jean-Pierre said Tuesday, according to Politico.
She added: “Right now, we don’t see a recession right now,” Jean-Pierre added. “We are not in a recession right now. Right now, we are in a transition.”
Jean-Pierre and others have attempted to sell the “transition” narrative for weeks as well, which they claim will soon lead America to a period of “stable and steady growth,” according to Jean-Pierre.
Yesterday, Jean-Pierre Responded to Question about Having an Economic Recession: “We’re in a moment of transition…We’re not in a Recession” pic.twitter.com/zIx7YhJfbU
— Daily Caller (@DailyCaller) June 22, 2022
As Bloomberg recently reported, a U.S. recession is more likely by the end of the year than not. The news came in the wake of the Federal Reserve hiking interest rates a record 75 basis points, with a number of additional hikes expected into 2023.
From #oil and other commodities to government #bonds and #stocks, #markets are sigaling concerns about the outlook for global economic growth
This follows a notable shift in consensus recently among economists to seeing #stagflation as the baseline and #recession as a rising risk pic.twitter.com/pSAzvjHbOP
— Mohamed A. El-Erian (@elerianm) June 22, 2022
During a walk on the beach on his Delaware vacation over the weekend, President Biden was approached by a reporter asking about recession fears. Biden momentarily snapped at the reporter for asking, accusing her of making up the concerns.
“Not — the majority of them aren’t saying that. Come on, don’t make things up, okay? Now you’re sounding like a Republican politician. I’m joking. That was a joke,” Biden responded, according to a White House transcript.
Consumers have already begun cutting back on expenses, especially entertainment and other “extras.” That trend also fuels concerns that a recession is not only likely, but near, experts say.