Following the announcement by the Bureau of Economic Analysis of the 2nd quarter of GDP decline, Joe Biden made a statement. RedState had reported this earlier on Thursday morning.
Although Biden admitted that economic growth was slowing, the president took a more optimistic approach to the news, and even said that “We are on the right path.”
The president also called for Congress to adopt the CHIPS and Science Act (a bill worth $280 billion that encourages semiconductor production) and the Inflation Reduction Act (370 billion), which are supported by Sen. Joe Manchin and Senate Majority Leader Chuck Schumer.
Here’s his full statement:
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. Even though we have to face global issues, the path we’re on is right and will make it through these difficult times stronger and safer. The job market is still strong with 3.6% unemployment and over 1,000,000 jobs added in the first quarter. Consumer spending is continuing to grow. This week I had the opportunity to meet with Chairman of SK Group, Korea. He is one of many companies that have invested more than $200 Billion in American manufacturing over the past decade since my election. His meeting helped drive a remarkable recovery in American manufacturing.
My economic plan focuses on decreasing inflation without sacrificing all of the economic benefits we’ve made. Congress has an historic chance to do that by passing the CHIPS and Science Act and Inflation Reduction Act without delay.
It’s out-of-touch for the president to say that the right course of action is being taken and that the U.S. “will come through this transition stronger and more secure” when 88 percent of Americans say the country is on the wrong track, according to a recent Monmouth University poll. In that same poll of 978 adults from June 23 to June 27, 42 percent of them said they are “struggling to remain where they are financially.”
The president should not gaslight Americans into thinking the economic situation is better than it is because he’ll end up embarrassing the entire administration when the National Bureau of Economic Research officially calls it a recession.
Some Republican lawmakers, however, are not afraid to state that the U.S. has entered a recession.
“This morning, the government announced what every American has been feeling for nearly a year, we are in a recession,” House Minority Leader Kevin McCarthy (R-Calif.) said on the House floor Thursday morning.
.@GOPLeaderKevin McCarthy: “This Morning, The Government Announced What Every American Feels For Nearly a Year, We Are in a Recession.”
Full video here: https://t.co/VWROHCm6zP pic.twitter.com/tkvlHp5x1R
— CSPAN (@cspan) July 28, 2022
It should be obvious that Americans do not need particular phrasing or declaration to know that the economy is poor and they’re pinching pennies. People should have the ability to climb the socioeconomic ladder in the United States, not struggle to survive. Biden’s statement should not be reassuring to anybody but the ultra-wealthy, who will not be largely impacted by the current economy.
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