United States of America president, Joe Biden on Monday debunked rumors that the country was plunging into recession .

The american public is experiencing how cost of living ,and the fears are that the country will be heading into recession in 2023 or 2024.

According to the Commerce Department’s release on Thursday of the highly anticipated second-quarter gross domestic product reading, which is expected to show that economic growth shrank 1.6% in the period from April to June.

President Joe Biden on Monday 25th ,debunked the rumors when responding to questions from reporters.

Biden, who is recovering from COVID-19, took questions virtually from reporters on Monday.

According to President Joe Biden “We’re not coming into recession, in my view,” Biden said Monday, saying that the unemployment rate “is still the lowest we’ve had in history to the 3.6 area.”

According to Economist.com “There is no escaping the squeeze ahead for America’s economy. Surging food and petrol prices are eating into people’s spending. In April consumer prices were 8.3% higher than a year earlier. Even excluding food and energy prices, annual inflation is 6.2%. Supply-chain problems could flare up for as long as war rages in Ukraine and China sticks to its zero-covid policy. The American labour market is red-hot, with nearly two job openings for every unemployed worker in March, the most since 1950, when data were first collected. A measure of wage growth by Goldman Sachs is at an all-time high of nearly 5.5%—a rate companies cannot bear unless they continue to raise prices fast”.

The high cost of commodities have now forced populace to opt for cheaper products more than ever now.

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