Recession not Inevitable, but I feel your Pain... Biden says "This is going to be a haul."
This isn't the first time we have been "reassured" that Biden knows the average Americans' struggle...
As midterms loom and many Americans showing complete angst against the Biden administration and its handling of the current economic situation, President Biden shared some words on the topic while visiting Tokyo.
Biden said that inflation is not inevitable, but he also acknowledged the economic pain for Americans. However, I feel this is just what has been done time and time again with no sense of urgency from him and his administration.
President Biden states the United States has made amazing progress in recovery from the Covid pandemic. But I mean, we had a bull run which was actually just a falsely revitalized economy created via unlimited cash printed at the hands of Jerome Powell. He recanted a bit as he says "This is going to be a haul. This is going to take some time."
"Our GDP is going to grow faster than China's for the first time in 40 years. Now does that mean we don't have problems? We do. 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."
President Biden said.
Biden praised the decision of multiple companies to bring production efforts domestically. Hyundai has just dedicated an EV plant and battery manufacture facility in the United States along with Samsung bringing a semiconductor plan to Texas.
"When it comes to the gas prices, we're going through an incredible transition that is taking place that, God willing, when it's over we'll be stronger and the world will be stronger and less reliant on fossil fuels when this is over.
It's bad. The price of gas at the pump ... would be a matter of great discussion at my kitchen table when I was a kid growing up. It's affecting a lot of families.”
Biden commented on the struggle at the pump.
Biden then moved on to his considerations of removing tariffs placed on Chinese goods: "I'm talking with the secretary when we get home. I am considering it. We did not impose any of those tariffs. They're imposed by the last administration and they're under consideration," Biden said.
No guidance and no balls. Welcome to the newest trend in American economics!