President Biden says economy is headed to ‘a whole new plateau’

President Joe Biden said in a Thursday meeting that he believes “our economic vision is working” and that the economy is headed to a “new plateau.”

“Today, we’re meeting to make sure that we deliver — continue to deliver lower inflation, more jobs, and an economy that works for everybody and — and that works from the bottom up and the middle out, not trickle-down economies — economics, which is one of the reasons I ran for office in the first place. I’ve never seen trickle-down work very much for working-class families,” Biden said during a cabinet meeting at the White House.

“After a rough few years, we’re seeing really bright spots… And I think we’ve made some real progress in the last going on two years now… but now we need to focus on implementing some of the big laws that we actually passed, and — so the American people can feel the benefits of what we’ve done.”

“The bottom line is: I believe our economic vision is working,” Biden said, pointing to “solid growth, a resilient labor market,” and signs that inflation is “easing.”

But he warned Americans not to get “suckered into thinking that we can sort of let up on the gas pedal of what we’ve already passed and make sure we implement it properly.”

Biden added that he and Vice President Kamala Harris agreed that “This is not about getting back to a level spot” but rather about “going to a whole new plateau.”

“We’re the only country in the world who’s come out of every crisis stronger than we went in… Unlike other nations that had power, we’re not trying to hoard the power. We know we’re better off when every other nation is doing better. For real. For real,” Biden said.

This comes at a time when experts are warning of a recession in 2023.

Ross Mayfield, an investment strategy analyst at Baird, said that a recession is “probably inevitable at some point in the next two years.”

Research published by JPMorgan Chase shows that nearly two-thirds of small and midsize businesses expect a recession in 2023.