On 6/12/2022, Former Treasury Secretary Lawrence Summers predicted on Sunday that a recession will likely hit the United States within the next two years. “I think there’s certainly a risk of recession in the next year,” Summers told CNN State of the Union host Dana Bash. “I think given where we’ve gotten to, it’s more likely than not that we’ll have a recession within the next two years.” His assertion seems to contradict that of current Treasury Secretary Janet Yellen that a recession is not “in the works.” On 6/10/2022, Yellen dismissed talk of an impending recession, saying, “Don’t look to me to announce it.”
She insisted that the fundamentals of the economy are still robust even as inflation continues to surge. “I’m not going to announce it. I don’t think we’re going to have a recession,” she said. “Consumer spending is very strong. Investment spending is solid. I expect growth to slow down. We have a very strong economy. I know people are very upset — and rightfully so — about inflation. But there’s nothing to suggest inflation if a recession is in the works.” Yellen previously told MSNBC in March 2021 that inflation was unlikely to intensify. “I really don’t think that is going to happen. We had a 3.5 percent unemployment rate before the pandemic and there was no sign of inflation increasing,” she said.
On 6/12/2022, in an appearance on CNN’s “State of the Union” Sunday, Rep. Alexandria Ocasio-Cortez was asked about her feelings about the president seeking a second term, and she responded very delicately. “I just want to ask about President Biden. He is saying he’s going to run again in 2024. Will you support him?” CNN host Dana Bash asked. “You know, if the president chooses to run again in 2024, I mean, first of all, I’m focused on winning this majority right now and preserving a majority this year in 2022,” Ocasio-Cortez said. “So, we’ll cross that bridge when we get to it … I think if the president has a vision and that’s something certainly we’re all willing to entertain and examine when the time comes.” To that, Bash noted, “That’s not a yes.” “You know, I think we should endorse when we get to it,” Ocasio-Cortez responded. “I believe that the president has been doing a very good job so far. And, you know, should he run again? I think that I… you know, I think it’s … we’ll take a look at it.” “Right now, we need to focus on winning a majority instead of our presidential election,” she added.
Washington post’s Marianna Sotomayor, it could be a little too late for Democrats on the economy.
CNN reports on “soaring” consumer prices, “highest since 1981”, “troubling” inflation numbers “could spell doom for Democrats”.
Sen Chris Coons excuses Chuck Schumer’s threat to SCOTUS justices because he was upset and alarmed.
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