Many economists estimate that the U.S. economy will face a recession in 2023, but Biden believes that the U.S. economy will enter a "new plateau period" of stable growth.

(Associated Press)

[Financial Channel/Comprehensive Report] U.S. President Joe Biden (Joe Biden) said on Thursday (5th) that the U.S. economy has seen "real bright spots" after several years of difficult times and is heading for a "new plateau" ( whole new plateau, a new term used to describe White House officials' view of a steady but sluggish economic growth trend.

Although many investors, economists and business executives have warned that the U.S. economy will usher in a recession in 2023, the Biden administration thinks otherwise.

He told a meeting of cabinet members that he believed the $3.5 trillion budget would strengthen the U.S. economy over the next 10 years and boost the outlook for manufacturing and workers.

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Biden said: "The American economy is not about to reach a level point, but to enter a whole new plateau. We are the only country in the world that is stronger than before the crisis."

Citing recent data, Biden cited slowing inflation, steady economic growth and a resilient workforce, but said implementation of three key bills passed last year remained crucial.

According to the model of the Federal Reserve Bank of Atlanta, the U.S. economy is expected to grow by 3.8% in the fourth quarter of 2022, and the consumer price index (CPI) was estimated to increase by 0.1% in November last year.

"The American economy is off to a very good start, but let's not make the mistake of thinking we can relax," Biden said.

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