Democrat President Joe Biden was talking to reporters at the beach today when he cracked an inappropriate joke about the looming recession.
A reporter said: “Economists are saying a recession is even more likely than ever.”
Biden said: “No, the majority of them aren’t saying that.
“Come on. Don’t make things up, OK?
“Now, you’re sounding like a Republican politician.
“I’m joking. That was a joke.
“But all kidding aside, no I don’t think it is.
“I was talking to Larry Summers this morning, there’s nothing inevitable about a recession.
“I think we’re gonna be able to get a change in Medicare and a reduction in the cost of insulin.
“We also can move in a direction that we can provide for tax increases on those in the corporate area as well as individuals as it relates to Trump’s tax cuts.”
REPORTER: “Economists are saying a recession is even more likely than ever.”
BIDEN: “No, the majority of them aren’t saying that. Come on. Don’t make things up, OK? Now, you’re sounding like a Republican politician. I’m joking. That was a joke.” pic.twitter.com/Ri5gO5cs6o
— Breaking911 (@Breaking911) June 20, 2022
Larry Summers predicted the inflation we are feeling in our bones right now and Joe Biden ignored him.
Or maybe Biden didn’t listen to Summers?
Because Summers warned America on NBC Sunday that a recession was likely to occur as the historical inflation data points to it.
“My best guess is that a recession is ahead.
“I base that on the fact that we haven’t had a situation like the present with inflation above 4% and unemployment beyond 4% without a recession following within a year or two.
“And so I think the likelihood is that in order to do what’s necessary to stop inflation the Fed is going to raise interest rates enough that the economy will slip into a recession,” Summers said.
Biden: “My mother had an expression: out of everything lousy, something good will happen. We have a chance to make a fundamental turn toward renewable energy, electric vehicles, and across the board.” pic.twitter.com/Si4oJ7ROFg
— Greg Price (@greg_price11) June 20, 2022