President Biden Reacts to US Economy Entering Recession After Insisting It Wouldn’t Happen
By Fox Business. President Biden reacted to Thursday’s GDP report, saying it is “no surprise that the economy is slowing down” amid inflation, despite saying earlier this week that the United States would not be entering a recession.
The U.S. economy shrank in the spring for the second consecutive quarter, meeting the criteria for a recession as record-high inflation and higher interest rates forced consumers and businesses to pull back on spending.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.
“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said in a statement Thursday. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.”
Biden touted the job market, saying it “remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone.” (Read more from “President Biden Reacts to US Economy Entering Recession After Insisting It Wouldn’t Happen” HERE)
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Biden Refuses to Take Questions After Recession-Denying Remarks
By Townhall. In his remarks Thursday urging Congress to pass a revived version of his bloated Build Back Better bill, President Joe Biden again denied the existence of a recession just hours after his Commerce Department reported a second consecutive quarter of negative GDP growth — the literal definition of a recession.
“That doesn’t sound like a recession to me,” Biden declared after cherrypicking anecdotal evidence to try and present the image of a strong economy while omitting the serious economic woes his policies have inflicted on Americans. In typical fashion, Biden trotted out of his briefing without taking questions after his quixotic remarks.
Watch:
"That doesn't sound like a recession to me."
Biden takes ZERO questions on the day that Q2 GDP showed that America has entered a recession. pic.twitter.com/BipE8GK1Yn
— Townhall.com (@townhallcom) July 28, 2022
Whatever it sounds like to President Biden, the American people know exactly what’s going on and who’s to blame — nearly every poll done in recent weeks shows the president’s approval when it comes to handling the economy at all-time lows.
BIDEN: "Both Chairman Powell and many of the, uh, um, significant banking personnel and economists say we're not in recession." pic.twitter.com/Bri2wUjnUO
— Townhall.com (@townhallcom) July 28, 2022
(Read more from “Biden Refuses to Take Questions After Recession-Denying Remarks” HERE)
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