Biden and Powell Are in Denial — A Recession Is Indeed ‘Inevitable’

Source: Foundation for Economic Education
by Dan Sanchez

“On Wednesday, the Federal Reserve announced that it will ‘raise’ interest rates faster than previously planned in order to ‘fight’ worsening inflation. … As the Wall Street Journal reported, [Fed chairman Jerome] Powell ‘still believes [the Federal Reserve] can cool the economy and bring down inflation while engineering a so-called soft landing in which the economy and labor market continue to grow.’ On Thursday, President Biden was similarly hopeful, telling the Associated Press that a recession is ‘not inevitable.’ … Biden and Powell are in denial. A soft landing is impossible, a recession is inevitable, and it is their own policies that made it so.” (06/17/22)