Joe Biden Denies Recession Despite All The Evidence

With under 30 days to go before the mid term elections, President Joe Biden sat down with CNN’s Jake Tapper. To his credit, Tapper jumped right in on the issue most Americans are concerned about: “the economy remains top of mind for voters.”

Tapper mentioned JPMorgan Chase CEO Jamie Dimon, who recently predicted economic calamity within the next few months.

He also brought up a Bank of America forecast of 175,000 jobs a month being lost due to a possible recession. 

Add to that two consecutive quarters of a shrinking economy. 

Hold your horses, says Joe. No need to cause alarm! 

RELATED: ‘Serious Stuff’: JPMorgan Chase Chief Jamie Dimon Warns Inflation, QE, Could Bring Down Economy

Maybe Just A ‘Slight’ Recession

Biden appeared a bit annoyed when Tapper asked, “Should the American people prepare for a recession?”

Biden answered, “Every six months they say this. Every six months, they look down the next six months and say what’s going to happen. 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.”


Economists may have a slight problem with Joe Biden’s broad definition of a recession. Back in 1974, economist Julius Shiskin came up with a definition of recession that is still, for the most part, used today. If there are two consecutive quarters of declining gross domestic product (GDP), that is a recession.

In other words, if the economy is still shrinking, even after counting government spending as “growth,” it’s a recession.

We’ve seen numerous examples of the media attempting to give cover to the Democrats by playing with the definitions, but the conditions for normal people tell the real story.

The Consumer Price Index, a flawed but still universal measurement of inflation, was at 8.3% month. That number was an increase of 4.9% from August of 2021.

Last month, the Federal Reserve also hiked interest rates up another 0.75 percentage points in response to the increased inflation rate. That means the cost of borrowing goes up – houses, vehicles, and yes – even the debt of the federal government.

Perhaps to the mega-rich and powerful, mortgage rates doubling isn’t a big deal. For everyone else? It’s a huge deal.

RELATED: VIDEO: Trump Ready To ‘Run Like The Wind’ And Show The Jackals Who The Lion Is

‘We Are In A Better Position’

Biden added to his “we are not in a recession” mantra with this: “We are in a better position than any other major country in the world economically and politically.”

Even if that is true, so what? That doesn’t make a trip to the grocery store any cheaper.

He continued, “There has been so much accomplished that the automaticity of a recession is just not there.”

Biden then bragged about massive government spending bills like the American Rescue Plan and the Inflation Reduction Act, which many economic entities have declared will do little to nothing to curb inflation, as evidence that there won’t be a recession. 

Are you lost? So was everyone else watching.

RELATED: Bestselling Author Of The ‘The Simple Life’ Book Series And Navy Veteran Gary Collins Dead At 52

Other Indicators Biden Should Be Worried About

There are even more clues that a recession might already be in the works. Not only are Americans flinching when they head to the gas pump or grocery store, but the market for big ticket items like homes and cars is also not a good one.

At the end of September, the Associated Press reported that long term mortgage rates had risen for the sixth straight week. Mortgage lender Freddie Mac announced the rate for a 30-year fixed mortgage had risen from 6.29% to 6.70%. This time last year the rate was just 3%.

Car buyers are facing the same problems. The nation’s largest used car dealer CarMax announced an earnings drop of 54%, and overall sales dropping 6.4%. They also reported that the average price for a used vehicle was $28,657. Again, that is for a used car.

There are some out there who aren’t taking a beating in this economy. Most of us are, and colossal spending schemes do nothing at all to fix it.

Now is the time to support and share the sources you trust.
The Political Insider ranks #3 on Feedspot’s “100 Best Political Blogs and Websites.”

Becky Noble

Becky Noble, a political blogger and writer for over 10 years, lives by the motto, “Being normal is not necessarily a virtue. It rather denotes a lack of courage.” Becky holds a degree in journalism from Regent University.

View Comments

  • Why is anyone suspired?! This morally depraved, rabid animal lives in a fantasy world where men can get pregnant and no one knows the difference between a boy and a girl.

  • Transitory inflation, mild recession. Wake up people. The Marxists are lying right to your stupid gullible faces! Change course of this country. Elections are less than 4 weeks away, barring a black swan operation to stop it. Snap out of it!

  • Old Joe has been in an alternate universe for years and we all suffer the consequences.
    There is only one solution.......Article 25 must be implemented immediately and all of his
    spending sprees need to be stopped as much as possible.

  • has anyone checked Joe Biden's dipstick lately , because it sounds like he's only running on one cylinder

    • I don't think he is running on any cylinders. Got to get that man out of there. He is determined to collapse this country and make us a third world country. Just what his ex-boss wanted.

Recent Posts

Donald Trump is Right: General Milley Betrayed His Oath and His Country

Editor's note: This article incorrectly identified General Mark Milley as a Marine. He is an…

6 hours ago

Britney Spears Bizarrely Dances With Knives In Skimpy Outfit – Fans Concerned

Fans are worried about Britney Spears after she posted a disturbing video of herself dancing…

7 hours ago

‘The View’ Hosts Gush Over Full-Frontal Nude Dating Show ‘Naked Attraction’

Things got weird on the ABC talk show "The View" once again on Monday, when…

8 hours ago

‘Hercules’ Star Kevin Sorbo Blasts Lack Of Manly Men In Hollywood – ‘Feminist Culture Has Won’

The former "Hercules" star Kevin Sorbo, who has long been known as one of the…

9 hours ago

‘Unofficial President’: Elon Musk Announces Visit To Border After Videos Emerge Showing Thousands Of Illegal Immigrants Crossing By Train

Just days after being referred to as the "unofficial President" of the United States by…

10 hours ago

They Courted Chinese Investment. Now They’re Running For President

By Philip Wegmann for RealClearWire New Jersey Gov. Chris Christie did not attend. It was…

10 hours ago