The White House’s newest economic catchphrase to blunt the force of a potential recession in 2023 is to tell the American people that it is not “inevitable.”
On Sunday, members of President Joe Biden’s team told the establishment media four separate times that inflation is not inevitable, despite polling and data that suggest a probability of recession.
“A recession is not inevitable,” Energy Secretary Jennifer Granholm said on CNN’s State of the Union.
“The president really wants to have a steady and stable recovery,”She added.
Treasury Secretary Janet Yellen said on ABC News’s This WeekShe doesn’t “think a recession is at all inevitable,”But acknowledged “inflation is unacceptably high.”
“It’s President Biden’s top priority to bring it down,” Yellen added.
Director of the National Economic Council Brian Deese used similar phrases on CBS News’s Face the Nation Fox News Sunday.
“What I would say is that not only is a recession not inevitable, but I think that a lot of people are underestimating those strengths and the resilience of the American economy,”Deese stated on CBS.
Fox News: Deese used the again “not inevitable” catchphrase. “Not only is a recession not inevitable, but what we as policymakers can do is take steps to build on our unique strengths in the American economy,”Deese stated.
The White House may have chosen to make the possible recession a catchphrase, but a June survey of chief financial officers revealed that 40-years-high inflation and record-high gasoline costs combined with rising interest rates and supply chains woes are likely to cause the recession. Breitbart News reported:
Seventy-seven percent of CFO’s responding to a CNBC survey say the economy will experience a recession in the first half of next year. Rest of the respondents believe a recession would occur during 2023’s second half. All of them believe the economy will experience a severe recession in 2023.
This gloominess has arisen because of persistent inflation and the Federal Reserve’s policy of tightening monetary conditions to bring down inflation.
CFOs cite inflation as the top external threat to business. This is 41 percent. Inflation was cited by more than double the number of respondents to the survey in June 2021. No CFO cited inflation as the greater risk group in the first quarter 2021.
The sour forecast seems lost on Biden, who has also taken to using the newest catchphrase. Reckoning is “not inevitable,”he stated in a Thursday interview to the Associated Press. In that same interview, he implied that inflation was not his fault.
If it’s my fault, why is it the case in every other major industrial country in the world that inflation is higher? Do you think that is possible? I’m not being a wise guy. This question is one that everyone should consider. Why? What is the reason? If it’s a consequence of our spending, we’ve reduced the deficit. We’ve increased employment, increased pay. It was done by the, uh? I don’t remember which survey.
On the campaign trail, then-candidate Joe Biden promised to wage a war on the American oil industry by terminating subsidies and drilling feasibility. “I want you to look at my eyes. I guarantee you, I guarantee you we’re going to end fossil fuels,” he said in 2019.
“No more subsidies for the fossil fuel industry,”Biden spoke onstage during a debate about 2020 Democrat primaries. “No more drilling, including offshore. No ability for the oil industry to continue to drill, period,”Biden spoke of his energy policy if elected president. “It ends.”
According to the Energy Information Administration (EIA), Americans will pay $450 more for gas in 2022 than they did last year on an inflation-adjusted basis. In 2022, inflation is projected to cost families an additional $5,520 per year, or $460 per month, according to Moody’s.
Follow Wendell Husebø on Twitter and Gettr @WendellHusebø. He is the author of Politics of Slave Morality.
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