HEAD IN THE $AND
Beach-bum Biden blows off recession fears
As Americans struggle to keep their heads above water despite inflation-fueled price hikes, a beach-strolling President Biden lashed out at a reporter Monday for daring to ask about the possibility of a US recession.
Asked on the sand near his vacation home in Rehoboth Beach, Del., about economic experts “saying a recession is more likely than ever,” Biden barked, “Not — the majority of them aren’t saying that. Come on, don’t make things up, OK?
“Now you sound like a Republican politician,” the president lashed out, before realizing how he came off and insisting, “I’m joking. That was a joke.”
Biden, who appeared fully recovered from a Saturday fall off his bike, proceeded to call for higher taxes on the wealthy while blaming oil companies for record-high prices at the gas pump.
“But all kidding aside, no, I don’t think it is [inevitable],” Biden said. “I was talking to [former Treasury Secretary] Larry Summers this morning and there’s nothing inevitable about a recession.”
During his chat with reporters, Biden tried to blame inflation on his predecessor Donald Trump — after previously citing COVID-19 supply chain bottlenecks, Russian President Vladimir Putin, congressional Republicans, oil companies, meat producers and transoceanic shipping companies.
“We also can move in a direction that we can provide for tax — increasing taxes on those in the corporate area as well as individuals as it relates to [former President Donald] Trump’s tax cut, which is inflationary,” he said. “You know, going out and buying a yacht doesn’t help the economy a whole lot.”
His team’s on it
Biden blamed Trump’s December 2017 tax law for supercharged inflation despite the fact that the annual rate of price increases in the US actually dropped from 2.1% in 2017 to 1.9% in 2018. The annual inflation rate currently sits at 8.6%.
He went on to say that administration officials will meet with oil company CEOs this week, but that he would not attend himself.
“We have a chance here to make a fundamental turn toward renewable energy, electric vehicles, and not just luxury vehicles, but across the board,” he said. “And that’s something we should be, my team is going to be sitting down with the CEOs of the major oil companies this week . . . starting with an explanation of how they justify making $35 billion in the first quarter.”
“Are you planning to sit down with oil and gas CEOs?” a reporter asked.
“No,” Biden said, and when asked why, answered, “Because my team is going to do that,” despite the fact that he regularly meets with company CEOs to discuss product supply issues. He met earlier this month with baby formula makers to discuss ongoing national shortages.