President Joe Biden got testy with a reporter Monday when asked about fears of a recession while at Rehoboth Beach in Delaware.
A reporter asked whether Biden agrees with economists who believe a “recession is even more likely than ever.”
“A majority aren’t saying that, come on, don’t make things up, OK? Now you sound like a Republican politician. I’m joking. That was a joke. That was a joke. But all kidding aside, no, I don’t think it is,” Biden said.
“I was talking to Larry Summers this morning, and there is nothing inevitable about a recession. I think we’ll be able to do it. I think we’ll be able to get a change in Medicare and a reduction in the cost of insulin,” the president continued. “We can also move in a direction that we can provide for tax increase in tax, taxes on those – in the corporate area as well as the individuals as it relates to Trump’s tax cut, which is inflationary.”
Summers recently said there is “certainly a risk of recession in the next year.” (RELATED: ‘Tough Summer’: Energy Sec. Makes Bleak Forecast, Signals Concerns About Gas)
A report from The Wall Street Journal said economists expect the likelihood of a recession to be 44% within the next year.
Treasury Secretary Janet Yellen said Sunday she expects “the economy to slow” but that she does not “think a recession is at all inevitable.”
“Clearly inflation is unacceptably high, it’s President Biden’s top priority to bring it down,” Yellen added.
The Federal Reserve hiked target interest rates by three-quarters of a percentage point June 15, projecting a slowing economy and a rise in unemployment. Meanwhile, consumer prices recently reached a four-decade high, with the Consumer Price Index for May 2022 showing a 8.6% increase year-over-year.