There’s no guarantee the US will soon slide into another economic downturn, but that doesn’t mean the path forward is an easy one, President Joe Biden …
There’s no guarantee the US will soon slide into another economic downturn, but that doesn’t mean the path forward is an easy one, President Joe Biden said Monday. The US economy finds itself in a pivotal moment. The country has largely rebounded from the coronavirus crash of 2020, yet skyrocketing prices threaten to undo that progress. Inflation is the fastest its been since the early 1980s, and the
Federal Reserve is raising interest rates at an aggressive pace to counter the problem. Those rate increases have raised fears of a potential 2023 recession. Worried economists see little hope for a so-called « soft landing », in which the Fed can cool inflation without leading the economy to shrink. Biden dashed some of those concerns, saying at a press conference in Tokyo that he doesn’t think such a
recession is inevitable. Still, the president forecasted that the rest of the rebound will have its bumps.
« We have problems that the rest of the world has, but less consequential than the rest of the world has because of our internal growth and strength », Biden said at a press conference in Tokyo.
