Elon Musk Expects US Recession Will Last a Long Time but Will Be ‘Relatively Mild’

Contact Your Elected Officials
The Epoch Times Header

Tesla CEO Elon Musk says he expects a recession in the United States to last around 18 months, although he anticipates it will be “relatively mild.”

Musk made the comments at the electric vehicle makers’ annual shareholder meeting on Thursday.

While he joked that “making macroeconomic prognostications is a recipe for disaster,” the businessman said his personal guess is “that we are past peak inflation and that we will have a recession. … I’m just guessing here, this is total speculation. But I would guess it’s a mild recession for … 18 months or something like that,” Musk said.

Musk said he based his forecast on the commodity prices Tesla is being asked to pay for the materials it needs to make its vehicles in advance, which he said gives the company insight into where prices are generally heading.

“We do get a fair bit of insight into where prices of things are going over time, because when you’re making millions of cars, you have to purchase commodities many months in advance of when they’re needed,” he said.

He said that the prices Tesla is seeing are trending downward, which “suggests that we are past peak inflation” and that he believes “inflation is going to drop rapidly” at some point in the future.

Musk’s prediction comes amid a challenging economic environment and inflation levels at 9.1 percent, which has prompted economists to predict an impending recession, although many share differing views with regard to when such a recession may happen and how devastating it may be.

Recession Debate Continues

Some economists say the United States is already in a “technical recession,” although the National Bureau of Economic Research, the organization that declares when the country enters a recession, has yet to do so.

Still, multiple companies across the United States have laid off employees and slowed down new hires in recent months; most recently Walmart, which announced a string of corporate layoffs this week. 

By Katabella Roberts

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

America is facing what could be described as “disorganized troubles,” born of a feeling of powerlessness.

The US is seeing a pattern of consistent, politically motivated lone-wolf attacks, evident in events like the murder of Charlie Kirk on a campus in Utah.

A Bullet Is No Argument

Charlie Kirk’s sharp intellect and joyful debate style dismantled challengers’ arguments, making him a target for those opposed to truth and goodness.

24 Years Later and NEW 9/11 Information is Still Coming Out

New info from journalist Catherine Herridge reveals the 9/11 plot traces back to 1998, following the first failed terrorist mission in 1993.

The Reported Russian Drone Incursions Into Poland Might Have Been Due To NATO Jamming

Poland says it shot down Russian drones entering its airspace amid NATO drills, sparking debate over provocation, botched recon, or NATO jamming.

Charlie Kirk Assassin Spotted Before Shooting!

Charlie Kirk incident mirrors Trump attempt: shooter spotted on rooftop beforehand, echoing July attack’s circumstances.

FBI Releases Images of ‘Person of Interest’ in Charlie Kirk Assassination

Conservative influencer Charlie Kirk was shot during an event in Utah on Sept. 10, and he has died.

Chris Pratt, Jason Aldean Among Celebrities Paying Tribute to Charlie Kirk

Actor Chris Pratt and singer Jason Aldean join many celebrities posting online tributes mourning the death of Turning Point USA founder Charlie Kirk.

Police Respond to Bomb Threat at DNC Headquarters

Law enforcement officers rushed to the DNC headquarters after learning of a potential bomb threat, a U.S. Capitol Police spokesperson said in an email.

Conservative Influencers Mourn the Loss of Charlie Kirk

One day after the assassination of conservative influencer Charlie Kirk, tributes and condolences are pouring in from his colleagues on social media.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trump’s recent remarks targeting China and its allies mark a noticeable shift in tone.

Trump Signs Order Renaming Department of Defense as Department of War

President Donald Trump on Sept. 5 signed an executive order renaming the Department of Defense as the Department of War.

Trump Signs Executive Order Targeting Countries That Unlawfully Detain Americans

President Trump signed an EO on targeting the unlawful detention of American citizens around the world and to facilitate the release of hostages.
spot_img

Related Articles

Popular Categories

MAGA Business Central