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.

Now Lawyers Are Looking for the Epstein List, Too!

So it turns out that when FBI Director Kash...

Remember Epstein’s “Little Black Books”?

Image of Bill Clinton getting a massage from Jeffrey...

On the Major League’s periphery: A major trip through the minors

For Nick Dunn, the trek through the minors is a trifecta of physical, mental, and organizational hurdles filled with politics, roster volatility, and injuries.

Private Citizens are Now Looking into Epstein Client List

Most Americans have never felt so betrayed and confused by a president and his admin as they are by the Trump admin over the Epstein client list issue.

Peace In Ukraine Won’t End The West’s Hybrid War On Russia

The West’s Hybrid War on Russia to follow peace in Ukraine is inevitable due to neoconservatives and liberal-globalists in its decision-making ecosystem.

Fetterman Backs ICE, Calls Abolition Push ‘Outrageous’

Sen. Fetterman voiced support for ICE, calling demands to dismantle the agency “inappropriate and outrageous.”

DOJ Shuts Down Investigation on T-Mobile-UScellular Merger

DOJ no longer opposes the merger of T-Mobile and UScellular and has closed its investigation into the matter, the department said in a July 10 statement.

Trump Visits Central Texas, Epicenter of Catastrophic Flood That Killed More Than 120

President Trump landed in Central Texas for first-hand look at damage from devastating flood claiming the lives of more than 120 people statewide.

Trump Announces 35 Percent Tariff on Canada, Possible 15–20 Percent Tariffs on Other Countries

President Donald Trump said on July 10 that he would be imposing a blanket 35 percent tariff on Canadian imports.

Trump Says US Has Struck Deal With NATO to Supply Weapons to Ukraine

President Donald Trump said on July 10 that he has struck a new deal with NATO under which the United States will supply weapons to Ukraine

RFK Jr. Bans Illegal Immigrants From Government-Funded Programs

HHS Sec. Robert F. Kennedy Jr. is rescinding a 1998 interpretation of a law that allowed illegal immigrants to access certain government-funded programs.

Rubio Set to Visit Malaysia for ASEAN Meetings Amid Tariff Tensions

A delegation including U.S. Sec. of State Marco Rubio will travel to Kuala Lumpur, Malaysia, for series of high-profile meetings between July 11 and 12.

US Will Collect More Than $300 Billion in Tariff Revenues This Year, Treasury Secretary Says

U.S. is on track to potentially raise “well over $300 billion” in tariff income by end of the year, Treasury Sec. Scott Bessent said during WH Cabinet meeting.
spot_img

Related Articles