Biden Claims He’s ‘Growing The Economy’ While It Continues To Shrink, Warns Inflation Not Going Away
President Joe Biden (D) claimed during an interview Sunday night that he was “growing the economy” despite the fact that the U.S. economy has shrank for two consecutive quarters in what economists have long indicated is a warning sign that an economy is in a recession.
Biden made the remarks during an interview on CBS News’ “60 Minutes” with leftist host Scott Pelley.
“Is the economy going to get worse before it gets better?” Pelley asked Biden.
“No. I don’t think so,” Biden responded. “We hope we can have what they say, ‘a soft landing,’ a transition to a place where we don’t lose the gains that I ran to make in the first place for middle-class folks, being able to generate good-paying jobs and — expansion. And at the same time — make sure that we — we are — are able to continue to grow.”
“And you would tell the American people that inflation is going to continue to decline?” Pelley asked.
“No, I’m telling the American people that we’re gonna get control of inflation,” Biden responded. “And their prescription drug prices are gonna be a hell of a lotta lower. Their health care costs are gonna be a lot lower. Their basic costs for everybody, their energy prices are gonna be lower. They’re gonna be in a situation where they begin to gain control again. I’m– more optimistic than I’ve been in a long time.”
When asked what he could do to prevent the U.S. economy from sliding into a recession, even though many believe the economy is already in a recession, Biden responded, “Continue to grow the economy. And we’re growing the economy. It’s growing in — in a way that it hasn’t in years and years.”
WATCH:
Scott Pelley: Is the economy going to get worse before it gets better?
President Joe Biden: No. I don’t think so. We hope we can have what they say, “a soft landing,” a transition to a place where we don’t lose the gains that I ran to make in the first place for middle-class folks, being able to generate good-paying jobs and– expansion. And at the same time– make sure that we– we are– are able to continue to grow.
Scott Pelley: And you would tell the American people that inflation is going to continue to decline?
President Joe Biden: No, I’m telling the American people that we’re gonna get control of inflation. And their prescription drug prices are gonna be a hell of a lotta lower. Their health care costs are gonna be a lot lower. Their basic costs for everybody, their energy prices are gonna be lower. They’re gonna be in a situation where they begin to gain control again. I’m– more optimistic than I’ve been in a long time.
Scott Pelley: Sir, with the Federal Reserve rapidly raising interest rates, what can you do to prevent a recession?
President Joe Biden: Continue to grow the economy. And we’re growing the economy. It’s growing in– in a way that it hasn’t in years and years.
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