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Biden Administration Downplays Recession Warnings As Midterm Elections Approach

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Biden Administration Downplays Recession Warnings, White House Chief of Staff Ron Klein Says We’re Not in Recession, President Joe Biden Warns of “Very Slight Recession,” Goldman Sachs and JP Morgan expects recession in coming months

Biden Administration Downplays Recession Warnings, White House Chief of Staff Ron Klein Says We’re Not in Recession, President Joe Biden Warns of “Very Slight Recession,” Goldman Sachs and JP Morgan expects recession in coming months

Last month, former U.S. Treasury Secretary Larry Summers suggested the United States could experience a recession within the next 18 months, arguing it was “a consequence of the excesses” the country’s economy has been through.

The Biden administration continues to downplay US may face recession Amid warnings that the process could begin in just a few months in the near future.

Earlier this week, White House Press Secretary Carine Jean-Pierre told US broadcasters, “There have been no recession preparation meetings or anything like that because […] See, what we’re seeing now is a strong labor market. “

In an interview with the same station, White House Chief of Staff Ron Klein insisted the United States was “not in recession” and said he “wanted to be really, really clear about that.”

President Joe BidenHowever, he was less optimistic as he told another US media outlet in mid-October that there could be a “very slight recession” in his country.
Dollar Bill - Sputnik International, 1920, 25.10.2022

US consumer confidence hits three-month low, raising recession fears

“It’s possible. Look, it’s possible. I don’t expect it,” POTUS said, echoing his remarks made in April. He admitted that he was “concerned” about “some” predictions that a setback might occur.

In another development in October, US news channels quoted former Treasury Secretary Larry Summers saying the US could slip into recession next year.

“I think it’s very likely that we’re going into a recession within the next year or a year and a half. I think this is the result of the economy going too far, and past experience has shown that the kind of inflation we’ve been through will return to normal levels. “It’s very rare to get back to a target level of around 2% without some kind of recession,” she argued.

The remarks came as the US media released a series of economic forecasts that indicated the US would almost certainly enter a recession within the next 12 months. Probability models compiled by outlet economists say 100% Possible recession By October 2023 in the US

This was echoed by the New York-based independent consumer financial services firm, which cited third-quarter economic data to put a 65% chance of a US recession within the next 12 to 18 months. It shows that there is a

A Wall Street Journal survey of economists in mid-October made similar predictions.Opinion polls show that respondents Possible US recession Over the next 12 months, it was 63%, up from 49% in July. Economists also said they expect the country’s GDP to contract in the first six months of 2023. This is the commonly held definition of a recession.

The chief executives of major US banks Goldman Sachs and JP Morgan say they expect a US recession in the coming months as the Federal Reserve tries to deal with skyrocketing inflation. I was.

A man walks past the New York Stock Exchange in New York on Wednesday, Sept. 21, 2022. - Sputnik International, 1920, 12 October 2022

S&P ratings predict ‘shallow recession’ in US if global woes persist
Jamie Dimon, CEO of JP Morgan, warns of runaway inflation, Federal Reserve Aggressive Strategy The unknown effects of quantitative easing and the effects of the Ukraine crisis are all adding to the precarious situation.

“I think these are very serious things that are likely to push the US and the world back. I mean, Europe is already in recession. We could go into recession,” Damon said.

According to him, it’s nearly impossible to predict whether it will be a deep and long recession or a short and mild recession. Results can vary “from very light to very hard,” he said, adding, “It’s hard to guess. Be prepared.”

time is already ticking U.S. Midterm Elections November 8speculation is rife that the White House is trying to downplay recession concerns in a bid to win voter confidence and overwhelm Republicans. , cited the economy or inflation as the most important issue that will determine votes for the next Congress.



https://sputniknews.com/20221106/biden-administration-downplays-recession-warnings-as-midterms-close-in-1103823739.html Biden Administration Downplays Recession Warnings As Midterm Elections Approach

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