Based on President Joe Biden‘s track record of failed predictions, it would appear a deep recession is incoming.
On Tuesday evening, Biden joined CNN’s Jake Tapper for a
game of softball sitdown interview and was asked, “Should the American people prepare for a recession?”
Biden’s response didn’t imbue much confidence.
“No…” he said before finding his words, “Every six months they say this … There is no guarantee that there’s going to be a recession, I don’t think there will be a recession, if there is it will be a very slight recession, that is we’ll move down slightly.”
The president then tried to wave away concerns about America’s economy by saying the rest of the world has it worse — as if that somehow should bring the American people comfort.
“Look, think about what’s happened. We’re in a better position than any other major country in the world economically and politically.”
As The Heritage Foundation’s John Cooper said, “In about 10 seconds, Joe Biden goes from ‘we won’t have a recession,’ to ‘it will be a slight recession,’ to ‘hey, our economy sucks less than everyone else’s!'”
It’s brutal to watch:
In about 10 seconds, Joe Biden goes from "we won't have a recession," to "it will be a slight recession," to "hey, our economy sucks less than everyone else's!" pic.twitter.com/aTQCDkT1iZ
— John Cooper (@thejcoop) October 12, 2022
Of course, the reality is that we are currently in a recession.
The U.S. has experienced two consecutive quarters of negative economic growth. The third quarter gross domestic product report comes out at the end of October and preliminary reports say it could show growth — which would end the recession.
Yet that doesn’t mean the economy is doing well or that the president is right in his prediction.
On Monday, JP Morgan Chase CEO Jamie Dimon predicted that three factors — runaway inflation, interest rate hikes, and the war in Ukraine — could plunge the U.S. into a recession in the coming year.
“These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they’re likely to put the U.S. in some kind of recession six to nine months from now,” Dimon told CNBC.
Contrary to Biden’s response feigning confidence, Dimon also advised that it was really unpredictable how long a recession could last.
“It can go from very mild to quite hard and a lot will be reliant on what happens with this war,” he added. “So, I think to guess is hard, be prepared.”
Of course, Biden is also the same guy who claimed that the Taliban wouldn’t take over Afghanistan as quickly as it did. He also predicted that inflation had peaked in December 2021. He earnestly argues that he brought down the cost of gas despite it being up more than a dollar since he took office. He was also caught flat-footed by a baby formula crisis that had been brewing since “last year,” according to at least one of his cabinet officials.
In other words, empirical evidence (and common sense) proves that Biden doesn’t really know what he’s talking about — on anything, let alone predicting a recession.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.