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Biden says a recession is NOT inevitable and will make a decision on a gas tax holiday this week

President Joe Biden said a recession isn’t inevitable and he will make a decision on a federal gas tax by the end of the week, while taking a walk in Rehoboth Beach, Delaware, during his four-day hiatus in June.

He was walking along the sand with his daughter Ashley and granddaughter Natalie just 48 hours after falling off his bike.

The president posed for selfies with beachgoers wearing a polo shirt, shorts and his signature aviators before speaking to reporters.

Biden said he spoke with Larry Summers, a former economist for President Barack Obama, and rejected his suggestion that a recession is inevitable, saying he will make a decision later this week on whether or not to impose a federal gas tax.

The White House has weighed several options that could ease the pain of the pumps for Americans after the average price of a gallon rose more than $5.

He also suggested there was an opportunity to send gas discount cards, similar to those proposed in states such as California.

President Joe Biden said a recession is not inevitable and that he will make a decision this week on a federal gas tax as he took a walk in Rehoboth Beach, Delaware, during his four-day hiatus in June.  He walked along the sand with daughter Ashley (right) and granddaughter Naomi (left)

President Joe Biden said a recession is not inevitable and that he will make a decision this week on a federal gas tax as he took a walk in Rehoboth Beach, Delaware, during his four-day hiatus in June. He walked along the sand with daughter Ashley (right) and granddaughter Naomi (left)

Biden said he spoke with Larry Summers, a former economist for President Barack Obama, and rejected his suggestion that a recession is inevitable, saying he will make a decision later this week on whether or not to impose a federal gas tax vacation.

Biden said he spoke with Larry Summers, a former economist for President Barack Obama, and rejected his suggestion that a recession is inevitable, saying he will make a decision later this week on whether or not to impose a federal gas tax vacation.

Biden, Natalie and Ashley smiled at the people watching them walk along the waves with their Secret Service behind them

Biden, Natalie and Ashley smiled at the people watching them walk along the waves with their Secret Service behind them

He also insisted he was “fine” after falling off his bike, assuring media that his foot got stuck in the toe cage.

“I feel great,” he added.

When asked if he would visit Ukraine on his trip to Europe for the G7 and NATO summits, he said it was unlikely.

Biden is now just one of two G7 leaders — along with Japanese Prime Minister Fumio Kishida — who have not visited the war-torn country since Vladimir Putin’s invasion.

“I’ve met Zelensky – I speak to him three or four times a week. But I’m going to Germany, and I’m going to Spain.

“I’m going to Israel, and I’m going to Saudi Arabia for a bigger community gathering there. And then I’ll probably come home right away.’

Biden also said he was “proud” of Apple workers in Maryland who voted Saturday to join a union and become the tech giant’s first retail employees to join in the United States.

‘I’m proud of them. Employees have the right to determine the conditions under which they will or will not work.’

Summers, who served as US Treasury Secretary under Barack Obama, warned this weekend that “we would see a recession in the US economy by the end of next year.”

He argues that the Biden administration should take action to “reduce inflation” and “provide some relief” to American consumers.

“Look, nothing is certain and all economic forecasts have uncertainty. My best guess is a recession is on the way,” he said Meet the press on Sunday.

“I’m basing that on the fact that we haven’t had a situation like the current one with inflation above 4% and unemployment above 4% without a recession in a year or two.”

“And so I think there’s a good chance that the Fed, in order to do what it takes to stop inflation, will raise interest rates enough to slide the economy into recession.”

“If you look at a whole host of indicators, if you look at what’s happened in the markets, if you look at the relative levels of interest rates across different maturities, if you look at consumer expectations surveys, and if you Looking at the simple fact that supply and demand are the drivers of inflation, supply doesn’t change that quickly. So the main thing you need to do to reduce inflation is to reduce demand. And that is a very difficult process to control. And so it usually leads to a recession,” he explains.

“All that tells me that while I wouldn’t presume to be able to judge the timing, the overriding probability would be that we would see a recession in the U.S. economy by the end of next year.”

More to follow

The president posed for selfies with beachgoers wearing polo shorts, shorts and his signature aviators before speaking to reporters

The president posed for selfies with beachgoers wearing polo shorts, shorts and his signature aviators before speaking to reporters

Biden smells as he greets members of the public enjoying a day at the beach.  He also assured media that he is okay after falling on his bike on Saturday

Biden smells as he greets members of the public enjoying a day at the beach. He also assured media that he is okay after falling on his bike on Saturday

Biden speaks to a family playing on the beach and enjoying the newly formed federal holiday

Biden speaks to a family playing on the beach and enjoying the newly formed federal holiday

Biden addresses reporters on the beach during his walk in the sun in Delaware

Biden addresses reporters on the beach during his walk in the sun in Delaware

Biden was able to lift himself with the help of his security service - to a round of applause from the spectators - after falling off his bike on Saturday morning

Biden was able to lift himself with the help of his security service – to a round of applause from the spectators – after falling off his bike on Saturday morning

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