As most of you probably know by now, the economic report came out on Thursday and it was not good.
It showed a decline in the GDP for the second consecutive quarter, the generally accepted definition of a recession.
Joe Biden says that is not true.
Deny, Deny, Deny
If you go back to any other presidency, when there were two consecutive declines in the GDP, it was called a recession.
Joe Biden wants to rewrite the definition, telling the media AFTER the report came out, that the United States “is not in a recession.”
Well, what would you call it, Joe?
After bragging about this mythical economy that he has created, Biden added that it is “no surprise that the economy is slowing down.”
Uh, it is not slowing down, it is going backward.
Then came the real spin, with Biden adding, “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.
“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.”
It was not historic “growth.” It was an economy that was coming back from a complete shutdown.
It was literally coming back from ground zero, so he does get any credit for that.
Additionally, the unemployment rate now is still higher than it was pre-pandemic, so we have not even made it back to that point yet.
Yet, Biden stated that the job market “remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone.”
Jobs were NOT created; it was people going back to work.
The media continues to allow him to push this narrative and it is all, to use a Joe word, malarkey.
With the massive spending bill that Democrats have headed to Joe’s desk soon, this recession is not going anywhere anytime soon.
Source: Fox Business