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‘Recession Is Inevitable’, Elon Musk Declares In Response to Biden Claim

Mediaite logo Mediaite 6/21/2022 Zachary Leeman

Elon Musk pushed back on President Joe Biden’s recent claim that a recession is not inevitable amid high inflation and soaring gas prices. The Tesla and SpaceX CEO said a recession is not only “inevitable,” but is likely to come sooner rather than later.

Musk comments came during a Tuesday conversation with Bloomberg News Editor-in-Chief John Micklethwait during the Qatar Economic Forum.

Musk covered a variety of topics, from crypto to whether he would support a Donald Trump presidential run, but at one point Micklethwait asked the billionaire what he thought of Biden’s declaration that a recession is not inevitable.

“Joe Biden has just come out and said that a recession in America is not inevitable. How do you feel about the economy?” Micklethwait asked.

“A recession is inevitable at some point,” Musk said. “As to whether there is a recession in the near term, that is more likely than not.”

Musk asked what the Bloomberg editor thought and Micklethwait said he agreed with Musk on the economy.


Video: Biden dismisses Elon Musk's comments on the economy (Associated Press)

Biden claimed on Monday that most economists are not predicting a recession when he snapped at a reporter asking about the potential.

“There’s nothing inevitable about a recession,” Biden said. The president added he’d spoken to former Treasury Secretary Larry Summers about the state of the economy.

Musk was also asked whether he would support Trump if the former president decides to run again. Musk revealed recently he voted Republican for the first time and his social media is often dedicated to mocking liberal causes.

“I’m still undecided at this point,” Musk said, though he did add he is open to dumping as much as $25 million into a Super PAC in a future election.

Trump has not officially declared he’s running in 2024, but has heavily suggested it, even recently claiming he could beat out other potential Republican nominees like Florida Gov. Ron DeSantis (R).

Watch above via Bloomberg.

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