Despite the United States economy tanking and clearly in a recession, President Joe Biden doesn't think we are going to see a recession.
“We’re not going to be in a recession in my view,” Biden told reporters after a virtual event focused on semiconductor legislation per The Hill.
“The employment rate is still one of the lowest we’ve had in history. It’s in the 3.6 [percent] area. We still find ourselves with people investing,” Biden continued. “My hope is we go from this rapid growth to steady growth, so we’ll see some coming down. But I don’t think we’re going to, God willing, I don’t think we’re going to see a recession.”
Fox News Reporter: "How worried should Americans be that we could be in a recession?" @POTUS: "My hope is we go from this rapid growth to a steady growth. [...] God willing, I don't think we're going to see a recession."https://t.co/7QiBajIBfP pic.twitter.com/ebfYdP2b5S
— The Hill (@thehill) July 25, 2022
Michael Strain, the Director of Economic Policy Studies and Senior Fellow at the American Enterprise Institute, pointed out that out of the last 10 times the U.S. economy has experienced two consecutive quarters of negative economic growth, all 10 times it was officially declared a recession.
Question: Out of the past 10 times the U.S. economy has experienced two consecutive quarters of negative economic growth, how many times was a recession officially declared?
Answer: 10. pic.twitter.com/yrR1kwlC4r
— Michael R. Strain (@MichaelRStrain) July 25, 2022
That's a pretty telling statistic, isn't it? Maybe someone from Biden's cabinet can come on and explain how this is different from the last 10 times there were two consecutive quarters of negative economic growth.
Instead of doing that, the White House has redefined what a recession is.
Bracing for impact: Even if Thursday's GDP report shows a second consecutive quarter of negative growth, you won't hear the Biden admin using the R-word.
— Jacqui Heinrich (@JacquiHeinrich) July 24, 2022
They seriously didn't think they could sneak that past us did they?
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