(RightIsRight.co) – This week, President Joe Biden adamantly denied that America has fallen into a recession even though Department of Commerce data shows that the U.S. economy has shrunk for two consecutive quarters.
You can watch a video clip of Biden denying there’s recession further down this post.
After the economy contracted by 1.6% year-on-year from January – March, in April – June it saw a decline of 0.9% – which came on the back of 9.1% inflation in June.
When the economy shrinks for two quarters in a row, that is typically considered an indication that a recession has started.
However, President Biden and his administration don’t seem to think so. In his latest comments, he sought to take credit for the “growth” of the American economy on his watch.
“That doesn’t sound like a recession to me,” Biden declared in the State Dining Room on Thursday afternoon, as cited by The Daily Mail.
He insisted that America is experiencing “record employment” and a “record job market.”
“Both Chairman Powell and many of the significant banking personnel and economists say we’re not in a recession… Businesses are investing in American in record rates,” Biden argued.
His denial about the recession came at the end of his remarks in which he touted what he described as massive growth in manufacturing jobs in the United States.
The president emphasized a $22 billion manufacturing investment in the U.S. by the SK Corporation from South Korea, creating 16,000 jobs.
Biden also claimed he has presided over the “strongest rebound” in American manufacturing over the past three decades, which he claimed has created 613,000 new manufacturing jobs across the nation.
He boasted that the new CHIPS Act will provide $72 billion in incentives for manufacturing, while his Inflation Reduction Act will provide $370 billion in green tax credits.
After tossing out those figures, Biden declared right at the end of his comments that “this doesn’t sound like a recession,” after which he promptly left the room amid the noisy attempts of the reporters present trying to pose questions about what he had just stated.
Earlier the White House released a statement on Biden’s behalf in which he tried to convince the American people that the economy is “on the right path.”
“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,” the Democrat president argued.
Here is the video of Biden:
Joe Biden says that the economy is doing perfect, says "That doesn't sound like a recession to me," and then leaves without taking questions. pic.twitter.com/fzZmFEvqmE
— Greg Price (@greg_price11) July 28, 2022