International

Joe Biden says U.S. recession not inevitable, pain to last 'some time'

U.S. President Joe Biden attends a joint news conference with Japan’s Prime Minister Fumio Kishid (not pictured) after their bilateral meeting at Akasaka Palace in Tokyo, Japan, on May 23, 2022.

U.S. President Joe Biden attends a joint news conference with Japan’s Prime Minister Fumio Kishid (not pictured) after their bilateral meeting at Akasaka Palace in Tokyo, Japan, on May 23, 2022. | Photo Credit: Reuters

United States President Joe Biden said that he does not believe a economic recession in the U.S. is inevitable despite record high inflation and supply shortages partly caused by Russia's invasion of Ukraine.

Speaking at a news conference on Monday in Tokyo, President Biden acknowledged that the American economy has “problems,” but said it was better positioned than other countries.

“We have problems that the rest of the world has,” President Biden said, “but less consequential than the rest of the world has.” President Biden acknowledged the impact that severe supply shortages and high energy prices are having on U.S. families. He said his administration was working to ease the pain for U.S. consumers, but said there were unlikely to be immediate solutions.

“This is going to be a haul,” President Biden said. “This is going to take some time.”


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Printable version | May 23, 2022 1:27:51 pm | https://www.thehindu.com/news/international/joe-biden-says-us-recession-not-inevitable-pain-to-last-some-time/article65453093.ece