An irritated President Biden snapped at a reporter on Monday after being asked to comment on reports that economists are forecasting a recession, saying, “don’t make things up.”
Biden replied, “not the majority,” then said, “come on, don’t make things up.”
Biden added: “Now you sound like a Republican politician, I’m joking, that was a joke, that was a joke. But all kidding aside, no I don’t think it is. I was talking to Larry Summers this morning; There’s nothing inevitable about a recession.”
Biden concluded that Summers believes a recession can be avoided by reducing the cost of insulin and raising taxes on those in “the corporate area.”
“My best guess is that a recession is ahead,” said Summers on NBC. “I base that on the fact that we haven’t 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’s necessary to stop inflation, the Fed is going to raise interest rates enough that the economy will slip into a recession.”
During a June 15 interview on CNN, Summers stated he believed a recession was likely due to an “overheated” economy.
Unincumbered by experts or facts, Biden asserts America can avert a recession by transitioning to using electric vehicles and renewable energy. The claim is disputed by many, including Terry Anderson, a Senior Fellow at the Hoover Institution and the Executive Director of the Property and Environment Research Center in Montana.
Looking to shift blame, Biden said his team will be sitting down with the CEOs of oil companies this week to find out “how they justify making $35 billion in the first quarter.”
Fox News reports that Treasury Secretary Janet Yellen supports Biden’s plan to go green, saying during a Sunday interview that the only way to address the skyrocketing gas prices and the energy crisis is to transition to renewable energy. She also stated, however, that going green would cost a minimum of $2.5 trillion.
Choosing not to address the impact a $2.5 trillion initiative will have on the economy, Yellen focused on our dependence on foreign oil, saying, “And look, as a medium-term matter, the way in which we can assure reasonable energy expenses for households is to move to renewables to address climate change, as a medium-term matter. That’s the way to free us from geopolitical movements in oil prices.”
Forbes reports that a recent U.N. Intergovernmental Panel on Climate Change report noted that “keeping temperature increases to 1.5 degrees Celsius by mid Century won’t be enough to avert environmental hardships. To make matters worse, at the current pace, such temperature rises could be greater than 3%. And that would mean unbearable heatwaves, excessive droughts and extreme flooding — something that could potentially be avoided by making a gradual shift from fossil fuels to renewable energies.”
Those assertions, as well as Biden’s claims, are not well supported.
Front Page Magazine reports that Biden is either deluded or a liar, citing that when recently speaking near Rehoboth Beach, Delaware, Biden touted:
“Today’s excellent jobs report and unemployment remaining at a near-historic low of 3.6 percent,” though admitting that “even with today’s good news, a lot of Americans remain anxious,” and “high prices, particularly around gasoline and food, are a real problem for people.”
“However,” Biden boasted, “because of the enormous progress we’ve made on the economy, the Americans can tackle inflation from a position of strength. Still a problem, but we can tackle it from a position of strength.”
Biden added: “Today, thanks to the economic plan and the vaccination plan that my administration put into action, America has achieved the most robust recovery in modern history just two years removed from the worst economic crisis since the Great Depression.”