President Joe Biden suggested on Monday that the US has a chance to make a “fundamental turn” toward green energy, even as some experts warned the economy was headed for a recession.
Shortly after speaking about his doubts about the economic downturn, Biden told reporters in Rehoboth Beach, Delaware that his mother’s expression was: “Out of everything lousy, something will be good if you work hard enough for it.” We do.”
“We have an opportunity here to make a fundamental turning point in renewable energy, electric vehicles and not just electric vehicles but the entire board,” the president said.
Biden said his team would sit down with CEOs of major oil companies this week to “try to explain how they made $35 billion in the first quarter.”
Even before being elected in 2020, Biden specified an “equitable clean-energy future” as one of his goals as president. His comments in Delaware on Monday indicate he has not put those plans aside and even believes he can pursue his energy goals while dealing with economic problems in the US, White House press secretary Karine Jean-Pierre stressed that the administration could prioritize both their clean energy plan and reduce rising gas prices at the same time.
But for Biden, even a concerned economic situation doesn’t equate to a ruin. When a reporter said Monday that “economists are saying a recession is more likely than ever,” Biden immediately denied that prediction.
“No, most of them aren’t saying that. Come on, don’t talk, okay?” They said. He also joked that the reporter sounded “like a Republican politician”.
“But all kidding, no, I don’t think it’s [more likely than ever], I was talking to Larry Summers this morning and nothing about the recession is inevitable,” Biden said, referring to the former US Treasury secretary.
Still, some economic experts have offered different estimates. Peter Schiff, chief economist and global strategist at Euro Pacific Capital, said last week that a massive economic “crash” was inevitable.
“Many people finally [given up] On the idea of a soft landing, and now expecting a hard landing,” he tweeted. “But they still haven’t got it. The only possible landing is a crash, where everyone on board dies. That’s why the Fed won’t even try to get off the ground and give up its pretense inflation battle.”
Cryptocurrency investor Michael Novogratz told MarketWatch in an interview last week that the US economy is “going to collapse.”
“We’re going to go into a recession really fast, and you can look at that in a number of ways,” he said.
newsweek Reached out to the White House for further comment.