Biden touts economic performance while economists warn of recession

President Joe Biden addresses the AFL-CIO convention, Tuesday, June 14, 2022, in Philadelphia. (AP Photo/Susan Walsh)

President Joe Biden addresses the AFL-CIO convention, Tuesday, June 14, 2022, in Philadelphia. (AP Photo/Susan Walsh)

UPDATED 9:02 AM PT – Wednesday, June 15, 2022

President Joe Biden has continued to insist the economy is on the right track while economists warn of an impending recession. While speaking to union workers on Tuesday, Biden touted his economic performance despite record high inflation.

“The bottom line is this; I truly believe we made extraordinary progress by laying a new foundation for our economy, which becomes clear once global inflation begins to recede,” claimed the President. “There’s so much at stake, but the truth is I’ve never been more optimistic about America than I am today.”

While Biden is more optimistic than ever, economist don’t share the rose-colored outlook. According to a recent Financial Times survey, nearly 70 percent of economists expects the US to spiral into a recession in 2023. Biden then went to say he will continue to rely on foreign markets to bring down the cost of fuel, which has reached a national average of $5 a gallon according to AAA.

“So I have a plan to bring down the cost of gas and food,” said the President. “It’s going to take time, but let the world coordinate the largest release. What I’ll be able to do for the largest release of oil from the global fund in history. Million barrels a day and 240 million barrels to boost global supply. I convinced other nations to join us to keep prices from rise, keep prices from rising even more.”

Biden is set to visit to Saudi Arabia later this year to speak with the country’s Crown Prince about possibly importing some of their oil. Meanwhile, the American Petroleum Institute has put out a 10 point proposal that promotes domestic oil production, which they asserted is a better solution to ease the pain at the pump.

“This is America, we can do any damn thing we put our minds tom” Biden stated. “And guess what? We’re not going back to the false promises of trickle down economics. We’re going forward.”

Despite all the warnings from experts, Biden remains convinced the American economy is improving under his administration. In the meantime, inflation continues to be a hot button issue for voters moving into the midterm elections.

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Amber Coakley
Author: Amber Coakley

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