President Joe Biden’s time in the White House has been a tumultuous one, as his administration continues to find new and frustrating ways to ignore the problems faced by average Americans.
From the border to inflation, the Biden White House has been largely inactive, preferring, it seems, to play the optics game as opposed to putting their nose to the grindstone.
Now, as we have officially reached the milestones necessary to declare that our nation is in recession, Biden is simply in denial.
President Biden said the United States “is not in a recession,” despite Thursday’s GDP report, saying it is “no surprise that the economy is slowing down” amid inflation.
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.Trending:
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 Thursday in a statement. “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.”
“Consumer spending is continuing to grow,” he said.
That last bit is certainly somewhat disingenuous, of course, as consumer spending is forced to grow when inflation skyrockets and gas prices explode.
The real measure of the American customer is consumer confidence, and that has fallen to historic lows of late.