When President Joe Biden and other current government officials stated that recessions were not “inevitable,” billionaire entrepreneur Elon Musk made it obvious that he disagreed. While speaking at the Qatar Economic Forum, Tesla CEO Elon Musk said, “A recession is unavoidable at some point. ” I think it’s more probable than not that there will be a recession in the near future. Even though it’s not a given, it seems more probable than not.
According to Tesla CEO Elon Musk, the United States is not condemned to a recession in the foreseeable future, contrary to what the White House has been stating since Monday. An interviewer asked Vice President Biden, “Economists predict that the recession is more probable than ever,” to which Biden retorted, “You sound like a Republican politician.”
That was a joke, that was a joke. You sound like a Republican politician now. With that said, I don’t believe it is. “There’s nothing inevitable about a recession,” Biden remarked this morning after speaking with Larry Summers, who has previously said that he thinks a recession is imminent.
In the end, “nothing is guaranteed, and all economic projections involve a degree of uncertainty. In my opinion, there is a good chance that the economy will go into recession. We haven’t had inflation over 4% and unemployment over 4% before, Summers told Chuck Todd on NBC’s “Meet the Press” Sunday that he bases his assertion on historical precedent.
In an interview on ABC’s “This Week” on Sunday, Treasury Secretary Janet Yellen concurred with Biden, stating that although she expected the economy to weaken, a recession was not imminent.
“The economy is expected to slow down.” The economy, the job market, and full employment are all contributing to a significant increase in the number of people in the workforce. As a result, we should anticipate consistent and predictable growth in the near future. “I don’t believe that a recession is inevitable,” he said.
At the same time, Musk felt sure that the disruption would bring about a much-needed correction, having anticipated huge upheavals for May. In fact, [this] is a positive thing. For far too long, money has been pouring down on the foolish. “Some bankruptcies are necessary,” he said on Twitter. The COVID stay-at-home thing has also deceived many into believing that you don’t need to work hard at all. It’s about to become a lot worse!