Monday, June 20, 2022

Janet Yellen/Biden White House Chorus: "Recession Not Inevitable"

Click here to read the original Cautious Optimism Facebook post with comments

“We expect a transition to steady and stable growth… I don’t think a recession is at all inevitable.”

-Janet Yellen, Treasury Secretary and former Federal Reserve Chair. June 19, 2022

From Fortune: "Recession not inevitable, Yellen says: 'We expect a transition to steady and stable growth'" at:

“Overall, the U.S. economy appears likely to expand at a moderate pace over the second half of 2007, with growth then strengthening a bit in 2008 to a rate close to the economy's underlying trend.”

-Federal Reserve Chair Ben Bernanke. July 19, 2007

The Cautious Optimism Correspondent for Economic Affairs and Other Egghead stuff agrees Janet Yellen is technically right: there’s always a 0.1% chance a recession can be avoided.

OK, make that 0.001%.

But in the meantime he’s writing down Yellen’s quote, marking the date, and will come back and check out how it has aged in a year or two. 

Kinda like…

“My judgment right now is that the recent inflation that we have seen will be temporary. It’s not something that’s endemic”

-Janet Yellen. May 27, 2021

And a few more from the last few days:

1) “Not only is a recession not inevitable, but I think that a lot of people are underestimating those strengths and the resilience of the American economy.”

-Brian Deese, White House National Economic Council Director. June 19, 2022.

2) “A recession is not inevitable.”

-Jennifer Granholm, White House Energy Secretary. June 19, 2022

3) "First of all, it's [recession] not inevitable.”

-Joe Biden. June 16, 2022.

It has to be a huge coincidence that they're all using the same words at the same time.

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