Highlights: Q: why are Jeff Bezos, Jamie Dimon & Goldman Sachs all wrong on recession? A: President very clear: no recession.
Q: FTC found no oil companies price gouging
A: Because we’re seeing it from the chart, we see their profit
Q: oil companies ignoring Biden?
A: see they actually brought down prices
On 10/19/2022, a reporter asked White House Press Secretary Karine Jean-Pierre said, “So we’ve heard you say that the President believes there’s not going to be a recession or could not — might not happen. But a growing number of business folks who are outside this building — Jeff Bezos, yesterday, joining Jamie Dimon, Goldman Sachs’s CEO — why are they wrong then?”
Jean-Pierre: So, look, the President has said this, and I’m going to say this here as well: What he wants the American people to know is, because of the resilience of the economy and be and because of the — our economic plan, we are in a better place to deal with these global challenges, to deal with global inflation than any other, you know, global major company — I’m sorry — major country in the world. And we are in a stronger position to navigate through these global challenges. We see jobs — jobs are — jobs are up. We created 10 million jobs .. so, look, again, the President was very clear: He doesn’t anticipate there being a recession because of those data points that I just laid out.
Reporter: So the FTC has — so far has found no signs of wrongdoing for price gouging within oil companies. So I’m wondering why the President still continues that narrative.
Jean-Pierre: Because we’re seeing it from the chart. And oil companies were able to do it before, as I just stated to Peter. We’re seeing a — a 60-cent gap between where — where their profit are and what — what people are paying at the pump. And so, they can bring it down. They’ve done it before. And so the President wants to make sure that — that the profits that oil companies are making is also being — you know, their profits is — is being afforded and given to — to the American people.
Reporter: When the President announced his initial round of actions back in March he said that that directly would contribute to a 10 to 35 cents per gallon decrease in gas prices. Can you give the same or similar quantification here? And if not, what’s the difference?
Jean-Pierre: Look, I’m not going to give a quantification here at this time.
Look, what — the difference now is — is that —… , lower energy costs. We talked — we’ve talked about the Inflation Reduction Act and what it’s going to deliver and do for the American people.
And so, look, this is something that the President takes very seriously when we talk about inflation, when we talk about costs. He has made this a priority when we talk about his economic policy. And so, that’s what you heard from the President today.
Reporter: And secondly, you know, earnings seasons is coming up. You’re going to have a lot of these companies reporting their earnings. Most likely, you know, potentially announcing more buybacks. If that happens, again, another quarter, what’s the consequence here? I mean, what more can the White House do here to prevent oil companies from just continuing to, you know, funnel profits to that?
Jean-Pierre: So, look, we’re going to continue to have those conversations. As I mentioned, Department of Energy has been in touch with oil companies on a — on a pretty regular basis — that they’ve had that open door of communication. So, that will continue. And you’re going to continue to hear from — from the President. I don’t want to get ahead of what might or might not happen.
Reporter: Yeah. Earlier, you pointed out that this isn’t the first time that President Biden has called out the profits of oil companies. You know, a couple months ago, it was talking about first quarter profits, now its second quarter. And so, at this point, does the President feel like oil companies are ignoring his calls on this issue — the fact that they’ve continued to keep these profits?
Jean-Pierre: Well, he — he doesn’t think so. They actually — they actually brought down the prices.
Reporter: … what’s your response to the Speaker of the House saying that there is a messaging issue, and that message is not getting out to voters right now, as indicated by polling that shows that those who, you know, have concern — voters that are concerned about the economy and inflation are favoring GOPs over Dems?
Jean-Pierre: As it relates to messaging: Look, we have always been very clear, the President has always been very clear. We understand — I know you were talking about polls and what the American people are feeling. We understand what they’re feeling. We understand that they are feeling a bit of a crunch, because of — of cost, because of inflation.
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Q: others on recession wrong? FTC found no price gouging, oil companies ignoring Biden? WH: no recession