© Marc Vasconcellos / USA TODAY NETWORK
Syndication: Fall River Herald News
WASHINGTON (77WABC) — President Joe Biden is downplaying recession fears.
Biden said “god willing” the United States is “not coming into recession.” The presidents remarks were ahead of second quarter GDP figures that could show back-to-back negative quarters.
Biden, recovering from COVID-19, took reporters questions virtually Monday about looming recession concerns. He cited unemployment rate at 3.6%, investments and a hope of rapid to steady growth.
In a blog post on July 21, the White House Council of Economic Advisers said that two consecutive quarters of falling GDP doesn’t mean the country is in a recession.
According to the U.S. Department of Labor, the Consumer Price Index rose 9.1% in June.
