(DCWatchdog.com) – In a statement that left even some of his staunchest supporters shaking their heads in disbelief, President Joe Biden said that when it comes to the economy, the United States of America is on the “right path.”
Biden’s statement came on the same day his administration announced that the Gross Domestic Product (GDP) had fallen into negative territory for two consecutive quarters — the traditional benchmark of a recession.
As the Daily Caller reports in, “Biden Says America On’ Right Path’ As Report Shows Two Consecutive Quarters Of Declining GDP“:
“President Joe Biden insists the U.S. is on the “right path” as the GDP report released Thursday shows two consecutive quarters of falling GDP which, by some definitions, indicates the economy is headed toward a recession.
“The U.S. real GDP decreased at an annual rate of 0.9% in the second quarter of 2022, data released Thursday from the Bureau of Economic Analysis (BEA) shows. Biden said Thursday that the report is not surprising and the U.S. is in a transition period.” [emphasis added]
Specifically, Biden argued:
“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. 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. My economic plan is focused on bringing inflation down, without giving up all the economic gains we have made. Congress has an historic chance to do that by passing the CHIPS and Science Act and Inflation Reduction Act without delay.”
Countering Biden, E.J. Antoni, a research fellow for regional economics at The Heritage Foundation, told the Daily Caller:
“At the end of the day the average American family has been going through economic pain for the last 18 months; paychecks are going out the door faster than they’re coming in because of inflation, credit card debt is getting more expensive to service, regular folks can’t afford a home, gas and grocery prices are going up. In my opinion, if you go out and talk to regular Americans it is so blatantly obvious the economy is contracting.”
What is your opinion? What has been your experience? Do you believe the United States has fallen into a recession under Joe Biden? Please share your thoughts by emailing [email protected]. Thank you, and have a good weekend.