Former Treasury Secretary Larry Summers and President Joe Biden are presently at odds over the real state of the economy, with the former largely dismissing the imminent risk of a recession.
Summers believes that a recession is effectively inevitable, or his “best guess” regarding the future state of the economy, and likely sooner rather than later.
During an appearance on NBC’s “Meet the Press,” Summers noted that “nothing is certain,” yet “all economic forecasts [contain] uncertainty.”
“My best guess is … a recession is ahead,” Summers added.
The former Treasury Secretary continued on to note that unemployment above 4 percent, coupled with inflation over 4 percent, is almost invariably guaranteed to trigger an inflation, as such situations in the past have always resulted in “a recession … within a year or two.”
Biden, however, became angered by Summers’s remarks, declaring that he did not consider recession an inevitability in any way, shape, or form.
“I don’t think so,” Biden snapped when he was asked about the likelihood of a recession.
“I was talking to Larry Summers this morning,” Biden continued aggressively, “and there’s nothing inevitable about a recession.”
Biden made his remarks near his vacation home in Delaware, on yet another endless break from the White House.
The president is set to have taken more vacations than any president in history, and these vacations have clearly impacted his grasp of economic reality.
“We’re in a stronger position than any nation in the world to overcome this inflation,” Biden boomed.