President Joe Biden says he does not believe a economic recession in the U.S. is inevitable despite record high inflation and supply shortages partly caused by Russia's invasion of Ukraine.
Speaking at a news conference Monday in Tokyo, Biden acknowledged that the American economy has “problems,” but said it was better positioned than other countries. “We have problems that the rest of the world has,” Biden said, “but less consequential than the rest of the world has.”
Biden acknowledged the impact that severe supply shortages and high energy prices are having on U.S. families. He said his administration was working to ease the pain for U.S. consumers, but said there were unlikely to be immediate solutions.
“This is going to be a haul,” Biden said. “This is going to take some time.”