Biden Claims Economic Success as U.S Enters Recess
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Posted On: 08/15/2022 5:20:28 PM
Biden Claims Economic Success as U.S Enters Recession: 'We Are on the Right Path'
After destroying America's economy with his failed policies, Democrat Joe Biden is claiming economic success as the United States enters a recession, arguing that "we are on the right path.
"Biden's comments come despite White House data published on Thursday showing the second straight quarter of contracted economic growth in the United States.
Thursday's data reveals that the U.S. Bureau of Economic Analysis’s (BEA) first estimate of the nation’s gross domestic product was worse than the predicted expansion of 0.5%, FXStreet noted.
The economy shrank by a 0.9 annualized rate.
Economists widely define a recession as two consecutive quarters of negative growth.
Despite that, Biden claimed in a statement that the contraction was unsurprising and the economy is heading in the right direction.
"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 remarked."
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,” he added."
Our job market 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."Earlier this week, I met with the Chairman of SK Group from Korea, just one of the companies investing more than $200 billion in American manufacturing since I took office, powering a historic recovery in American manufacturing.
” Biden also claimed that the key to stopping inflation would be more government spending and raising taxes under two separate plans.
https://neonnettle.com/news/19734-biden-claim...ight-path-
After destroying America's economy with his failed policies, Democrat Joe Biden is claiming economic success as the United States enters a recession, arguing that "we are on the right path.
"Biden's comments come despite White House data published on Thursday showing the second straight quarter of contracted economic growth in the United States.
Thursday's data reveals that the U.S. Bureau of Economic Analysis’s (BEA) first estimate of the nation’s gross domestic product was worse than the predicted expansion of 0.5%, FXStreet noted.
The economy shrank by a 0.9 annualized rate.
Economists widely define a recession as two consecutive quarters of negative growth.
Despite that, Biden claimed in a statement that the contraction was unsurprising and the economy is heading in the right direction.
"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 remarked."
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,” he added."
Our job market 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."Earlier this week, I met with the Chairman of SK Group from Korea, just one of the companies investing more than $200 billion in American manufacturing since I took office, powering a historic recovery in American manufacturing.
” Biden also claimed that the key to stopping inflation would be more government spending and raising taxes under two separate plans.
https://neonnettle.com/news/19734-biden-claim...ight-path-
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