in Politics

Biden Officials Confirm Likelyhood Of Recession

File - Treasury Secretary Janet Yellen testifies before the Senate Banking, Housing, and Urban Affairs Committee hearing, May 10, 2022, on Capitol Hill in Washington. The U.S. will close the last avenue for Russia to pay back its billions in debt to international investors on Wednesday, making a Russian default on its debts for the first time since the Bolshevik Revolution all but inevitable. The Treasury Department said in a notification Tuesday that it does not plan to renew the license to allow Russia to keep paying its debtholders through American banks. (Tom Williams/Pool via AP, File)

The Biden Administration is confirming the worst fears of many and giving little hope that there is a light at the end of the tunnel.

Janet Yellen, treasury a secretary says that she expects the economy to “slow” during a Sunday interview.

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George Stephanopoulos quoted the Wall Street Journal, their prediction estimates that there is a 44% chance of a recession by the end of the year. 

“Well, I expect the economy to slow. It’s been growing at a very rapid rate as the labor market has recovered, and we’ve reached full employment, it’s natural now that we expect to transition to steady and stable growth. But I don’t think a recession is at all inevitable.” Yellen said.

Despite Biden’s continuous failures and economic destruction Yellen stands by the President and defends him. “Clearly Inflation is unacceptably high, it’s President Biden’s top Priority to bring it down,” she said.