Biden Thinks There Wont Be a Recession -- or Worst Case, a Slight One

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Will a recession hit in 2023, and if so, just how bad will things get? That's the question on many people's minds as we keep reading warnings that economic conditions could take a turn for the much worse.

But if you ask President Biden, he's not that worried about a recession. In a recent CNN interview, Biden was quoted as saying I dont think there will be a recession. If it is, it will be a very slight recession.

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On the one hand, that's good news. But whether Biden's projections are accurate is another story.

Recession fears are looming

While it's a good thing, at least in theory, that the president has such an optimistic view of the economy, the reality is that many financial experts disagree with regard to recession predictions. Recently, JPMorgan Chase CEO Jamie Dimon said to expect the U.S. economy to enter a recession within the next six to nine months. And last month, 72% of economists surveyed by the National Association for Business Economics said they expect a recession by mid-2023, if not sooner.

A big reason so many experts are concerned about an impending recession is that the Federal Reserve has been aggressively racking up interest rates in an effort to slow the pace of inflation. In doing so, it could fuel a major pullback in consumer spending -- one drastic enough to spur an economic downturn.