(RightIsRight.co) – In a statement that left conservatives and even some liberals shaking their heads in total disbelief, Joe Biden claimed that when it comes to the national economy, the United States of America is on the “right path.”
Biden’s statement came the same day it was announced that the Gross Domestic Product (GDP) had fallen into negative territory for two consecutive quarters — the historical indication of a recession.
As the conservative National Review notes in, “Biden Insists Economy ‘on the Right Path’ as U.S. Enters Recession“:
“President Joe Biden said the U.S. economy is “on the right path” on Thursday, hours after the Bureau of Economic Analysis announced that GDP had contracted for the second consecutive quarter, sending the U.S. into a recession.
“GDP fell .9 percent in the second quarter from April to June, the Bureau of Economic Analysis announced Thursday. The traditional definition of a recession is two consecutive quarters of GDP contraction, though the Biden administration has in recent weeks tried to redefine the term along more subjective lines.” [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.”
But, as National Review correctly states:
“Meanwhile, inflation reached a 40-year high during the Biden administration, lowering real wages. Gas prices also reached record-breaking heights this summer, with the national average hitting $5 a gallon.” [emphasis added]
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.