Biden Administration Downplays Recession Warnings As Midterm Elections Approach

Biden Administration Downplays Recession Warnings As Midterm Elections Approach

Biden Administration Downplays Recession Warnings As Midterm Elections Approach

Former US Treasury Secretary Larry Summers suggested last month that the US could experience a recession within the next 18 months, and she said it… 06.11.2022, Sputnik International

2022-11-06T06:45+0000

2022-11-06T06:45+0000

2022-11-06T06:45+0000

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Joe Biden

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inflation

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The Biden administration continues to downplay the possibility of the U.S. facing a recession in the near future amid warnings that the process could begin in just a matter of months, in an interview with the same broadcaster. , the United States is “not in a recession” and he “want to be really, really clear about that.” In another development in October, US news channels quoted former Treasury Secretary Larry Summers saying the US could slip into recession next year. The US media has released a flurry of economic forecasts, indicating that the US will almost certainly enter a recession within the next 12 months. A stochastic model compiled by the outlet’s economist showed his 100% chance of the US economy going down by October 2023. There is a 65% chance of a US recession within the next 12-18 months. A Wall Street Journal survey of economists conducted in his mid-October made similar predictions. The poll shows that the respondent sees a 63% chance of the US slipping into recession within the next 12 months, up from 49% in July. The economist also said he expects the country’s GDP to contract in his first six months of 2023. This is the commonly held definition of a recession. They expect a U.S. recession in the coming months as the Federal Reserve tries to deal with the country’s skyrocketing inflation.The effects of quantitative easing and the outcome of the Ukraine crisis are all uncertain. Six to nine months from now, it’s likely that the United States will be in some kind of recession,” Dimon said. A prolonged recession or a short, moderate recession. Outcomes could vary “from very light to very difficult,” he said, adding, “It’s hard to guess. With the US midterm elections on Nov. 8 fast approaching.” Meanwhile, speculation is rife that the White House is trying to downplay recession concerns in a bid to win voter confidence and overwhelm Republicans, with a recent ABC News/Ipsos poll showing at least 49% of Americans. of respondents cited the economy or inflation as the most important issue in determining their votes for the next Congress.

https://sputniknews.com/20221025/us-consumer-confidence-hits-3-month-low-raising-recession-concerns-1102648024.html

https://sputniknews.com/20221012/sp-ratings-predicts-shallow-recession-in-us-if-global-woes-persist-1101781827.html

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