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President Joe Biden and Treasury Secretary Janet Yellen say that a U.S. recession is not inevitable, dismissing the concerns of many economists who have predicted an upcoming recession. In addition, Biden insisted that the U.S. will \u201covercome this inflation\u201d while Yellen admitted that \u201cinflation is unacceptably high.\u201d<\/strong>\n<\/p>\n \n Asking Biden about a potential recession, a reporter said, \u201cEconomists are saying that a recession is more likely than ever.\u201d<\/p>\n The president quickly interrupted the reporter by saying: \u201cNot the majority. Come on, don\u2019t make things up.\u201d Biden added: \u201cNow you sound like a Republican politician. I\u2019m joking. That was a joke, that was a joke.\u201d<\/p>\n Stating that \u201call kidding aside,\u201d the president continued:\n<\/p>\n No, I don\u2019t think it is. I was talking to Larry Summers this morning, there\u2019s nothing inevitable about a recession.<\/p>\n<\/blockquote>\n \n Summers explained his recession forecast: \u201cI base that on the fact that we haven\u2019t had a situation like the present, with inflation above 4% and unemployment beyond 4% without a recession following within a year or two. And so, I think the likelihood is that in order to do what\u2019s necessary to stop inflation, the Fed is going to raise interest rates enough that the economy will slip into a recession.\u201d<\/p>\n This was not the first time Biden dismissed concerns that a U.S. recession is coming. In an interview with the Associated Press after the Federal Reserve announced the biggest rate hike since 1994 last week, he opined:\n<\/p>\n First of all, it\u2019s not inevitable. Secondly, we\u2019re in a stronger position than any nation in the world to overcome this inflation.<\/p>\n<\/blockquote>\n \n<\/p>\n \n \u201cI expect the economy to slow, it\u2019s been growing at a very rapid rate as the economy, as the labor market has recovered and we have reached full employment. It\u2019s natural now that we expect to transition to steady and stable growth,\u201d Yellen said, emphasizing:\n<\/p>\n But I don\u2019t think a recession is at all inevitable.<\/p>\n<\/blockquote>\n \n Yellen also said at The Times\u2019 Dealbook D.C. policy forum early this month that \u201cThere\u2019s nothing to suggest a recession is in the works.\u201d<\/p>\nBiden: U.S. Recession Isn\u2019t Inevitable<\/h2>\n
\nPresident Joe Biden reiterated to reporters Monday in Rehoboth Beach, Delaware, that a U.S. recession is not \u201cinevitable.\u201d<\/p>\n\n
\nBiden referenced the conversation he claimed to have had with former Treasury Secretary Lawrence Summers, who said on NBC Sunday: \u201cMy best guess is a recession is ahead.\u201d<\/p>\n\n
Yellen Expects U.S. Economy to Slow but Claims Recession Is Not at All Inevitable<\/h2>\n
\nSharing Biden\u2019s optimism about the U.S. economy is Treasury Secretary Janet Yellen. She told ABC News on Sunday that the recession which many Americans fear is not \u201cat all imminent.\u201d<\/p>\n\n
\nNonetheless, the treasury secretary stressed: \u201cClearly, inflation is unacceptably high.\u201d<\/p>\n