Biden says a “mild” recession is possible but doesn’t expect it

(The Hill) – President Biden said Tuesday night there was a possibility of a “mild recession,” while reiterating his stance that he doesn’t think there will be one in the US at all

“No,” Biden said when asked by CNN’s Jake Tapper if Americans should prepare for a recession.

“It hadn’t happened yet,” the president later added. “There is no guarantee that they will be. I don’t think there will be a recession. If so, it will be a very mild recession. That means we will move slightly down.”

Biden argued that the US is in a better position economically than any other major country, but acknowledged that “we still have real problems.”

He said America’s bailout plan, which was the COVID-19 relief package, as well as the Anti-Inflation Act, the Democrats’ comprehensive climate and tax bill, helped position the economy.

“I mean, so much has been accomplished,” Biden said. “A recession has an automatism, and it’s just not there, it’s just not there… They’ve been predicting that over and over again…”

However, Tapper noted that Biden said a mild recession was possible.

“It’s possible. It’s possible. I don’t expect it,” Biden replied.

The President said a recession has not been inevitable since June, when the Federal Reserve first hiked interest rates. Fed officials have vowed they will not back down on fighting inflation, even if it means pushing the economy into recession, and it plans to raise interest rates again before the end of the year.

Biden also argued in his interview with CNN that Democrats have something to do in the upcoming midterm elections and slammed Republicans by asking what their platform is.

“The first thing they said was that they would abolish the inflation control law. And what does that matter? They will raise drug prices, raise medical costs again. Make sure we will no longer be able to get tax credits for weathering your homes,” Biden said, citing provisions in the Inflation Reduction Act.