Biden Downplays Recession Risks: 'If It Is, It'll Be A Very Slight' Downturn

President Joe Biden has reportedly said he doesn’t believe there will be a recession in the near future, and even if there is, it is expected to be a “slight” economic dip.

What Happened: Referring to recent economic projections by major U.S. banks, Biden said, “Every six months they say this. Every six months, they look down the next six months and say what’s going to happen,” reported CNBC citing the president's interview with CNN’s Jake Tapper.

“It hadn’t happened yet. It hadn’t... I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly,” the president said.

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Biden, however, was careful not to discount the possibility of a recession but told CNN the odds were low. “It’s possible,” Biden said adding he doesn’t anticipate it.

Expert Warning: JPMorgan Chase & Co JPM CEO Jamie Dimon sounded a warning over the U.S. and global economies on Monday, saying they were facing “very, very serious” headwinds and likely to slip into a recession in 2023.

“You can’t talk about the economy without talking about stuff in the future — and this is serious stuff,” Dimon said. He brought up inflation, a future trend of rising interest rates and the Russia-Ukraine war as some of the indicators signaling an alarm.

The possibility of a recession led by the aggressive rate actions of the Fed and other central banks around the world has taken its toll on stocks and bonds equally. The SPDR S&P 500 ETF Trust SPY has lost over 25% since the beginning of 2022 while the Vanguard Total Bond Market Index Fund ETF BND has shed over 16% in the same period.

Biden also acknowledged that the U.S. has “real problems” but asserted that the legislation passed under his administration like the Inflation Reduction Act was putting them in “a better position than any other major country in the world economically and politically,” the report said.

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