Joe Biden had a bit of a senior meltdown moment on Monday when he spoke to reporters at Rehoboth Beach, Deleware, snapping at a reporter who brought up that a large number of economists are warning a recession could be inbound.
Responding in the manner typical of Slow Joe when he gets mad, Biden snapped at the reporter, saying :
“Not the majority of them aren’t saying that, c’mon, don’t make things up, ok? Now you sound like a Republican politician.”
Catching himself in a surprising moment of clarity, Biden then added “I’m joking, that was a joke,” though it wasn’t clear if Biden’s “joke” was the entire sentence or just the “you sound like a Republican politician” bit.
Biden did add that he doesn’t think a recession is inevitable, saying “All kidding aside, I don’t think it is, I was talking to Larry Summers this morning. There’s nothing inevitable about a recession.”
That echoes what some in the Biden Administration have said. National Economic Council Direction Brian Deese, for instance, appeared on CBS’ “Face the Nation” and suggested that what America is going through is a “transition”, not a recession, saying:
“Well, I think what — where we are in the economy right now is in a transition. And I spoke to CEOs this — over the course of the past week from sectors across the economy, and they’re figuring out how to navigate this transition. Some of this is exactly what we need to see — ”
Similarly, Energy Secretary Jennifer Granholm said on CNN’s State of the Union that a recession isn’t inevitable, saying “A recession is not inevitable. The president really wants to have a steady and stable recovery.”
Others disagree, however. CNBC, for instance, reported on the potential for a recession this year, saying:
A shallow recession in the U.S. is a “virtual certainty” in the third quarter, according to Destination Wealth Management’s Michael Yoshikami, as the Federal Reserve launches a historic attack on inflation.
Yoshikami, as quoted in that article, noted that a variety of factors point to there being a recession incoming, even if it’s not a disastrously bad recession, saying :
“Now the problem we’re going to have here is are they going to tip the economy into recession when the consumer is already starting to pull back?” he said.
“The housing market in the U.S. is really locked up with mortgage rates close to 6% right now, and I think it’s a virtual certainty that we’re going to go into recession next quarter.”
“There is a belief that if we raise enough – let’s say we raise by 75 [basis points] and then we raise by another 75 – then if there is a problem in the economy, if it’s a shallower recession, which I suspect it would be in the third quarter, the Fed actually has some room now to come back off of some of those rate increases.”
Regardless, however, brain-melted Biden wasn’t even willing to acknowledge that.
Notice: This article may contain commentary that reflects the author’s opinion.