Recently, a video was captured of Old Uncle Joe once again shouting down a reporter who dared speak up to ask about the possible upcoming recession.
The ordeal took place while Biden was giving out answers to questions from the media while strolling down Rehoboth Beach in Delaware when one female journalist posited a question about how quite a few economists had predicted that such an event is looming on the horizon.
WATCH: Biden snaps at a reporter for asking about economists warning of a recession.
“C’mon, don’t make things up" pic.twitter.com/eqEh2f9fEh
— RNC Research (@RNCResearch) June 20, 2022
“The majority of them aren’t saying that. Come on, don’t make things up, okay? Now you sound like a Republican politician. I’m joking. That was a joke, but all kidding aside, I don’t think it is,” Biden answered.
The back and forth took place in the wake of a survey from the Wall Street Journal of a group of economists that reported that the odds of the nation falling into a recession at some point in the next year sits at roughly 44%.
“Forecasters have raised recession probability due to a number of factors: higher borrowing costs, a blistering pace of inflation, supply-chain problems and commodity-price shocks stemming from the war in Ukraine,” stated the recent WSJ poll.
“Mostly, however, they see dimming chances that a steeper path of rate increases by the Fed can cool inflation without inducing higher unemployment and an economic downturn,” continued the Wall Street Journal.
Along with the record-shattering gas prices and extremely high inflation, the nation’s gross domestic product (GDP) dropped by a worrying 1.5% during the first quarter of 2022.
“The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending, the Commerce Department reported Thursday,” CNBC claimed just last month.
“First-quarter GDP declined at a 1.5% annual pace, according to the second estimate from the Bureau of Economic Analysis. That was worse than the 1.3% Dow Jones estimate and a writedown from the initially reported 1.4%,” continued the report.
CEOs of some of the nation’s biggest companies have also gone on record expressing their concerns regarding the possible upcoming recession.
“That hurricane is right out there, down the road, coming our way. We just don’t know if it is a minor one, or Superstorm Sandy, or Andrew, or something like that. And you better brace yourself,” stated Jamie Dimon, the CEO of JPMorgan Chase, about the possible incoming recession, reported NPR.
Elon Musk, the CEO of Tesla, is currently looking to cut roughly 10% of the jobs at his company because of a super bad feeling” concerning the economy, according to a report from Reuters that went out Friday.
In the first quarter of 2022, the United States economy shrank by an annualized rate of 1.5%, as reported by the Bureau of Economic Analysis, which defines a recession as a period of two consecutive quarters sporting negative growth.
Leave a Reply