President Biden insisted the country is “on the right path” on Thursday even after the economy shrank for the second straight quarter and inflation rages at a nearly 40-year high.
Taking credit for record job growth, Biden said the slowing economy was actually a sign of a healthy cooling down after the post-pandemic boom that helped trigger global price increases.
“It’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said in a statement. “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.”
Greatest chyron ever as Joe Biden flees reporters and takes no questions:
"Biden denies recession as U.S. enters recession" pic.twitter.com/fw5KdrYSIv
— Jason Howerton (@jason_howerton) July 28, 2022
Biden planned to give a speech on the economy later Thursday.
The president spoke after federal officials said the gross domestic product shrank by 0.9% in the second quarter. It earlier went down by 0.4% in the first quarter.
Those reductions fit the layman’s definition of a recession although the White House counters that the rock bottom unemployment rates belie that claim.
The dip comes after the economy roared back to life following the COVID-sparked decline. Juiced by pandemic relief, the U.S. economy grew by an impressive 10.1% in 2021, leaving it vulnerable to an adjustment.
The boom has sent inflation soaring to an annual 9.1% rate, a level not seen in four decades.
The Federal Reserve is more worried about soaring prices than a looming downturn. It hiked interest rates by 0.75% for the second straight month on Wednesday.
Tighter monetary policy tends to slow down the economy and lower consumer demand, moves that should lower inflation.
But if the Fed keeps raising rates fast and GDP keeps shrinking, the economy could go from too hot to ice cold in a hurry.
©2022 New York Daily News. Visit nydailynews.com. Distributed by Tribune Content Agency, LLC.
Blinded by his own ambition and constrained by his handlers.
If as Joe says. America is on the right path, he must have hired Pocahontas and Hunter to be acting as his primitive economic Pathfinders, in a new version of “last of the Mohicans” morphing into “Last of the American Middle Class.” Joe may think he is the American Hawkeye, but has repeatedly shown to be blinded by his own family greed like a one-eyed Cyclops after a visit from Ulysses and his men who escaped the wrath of the Cyclops like good democrats, by acting like wolves in sheep’s clothing, covering their bodies with sheepskins to get past the blinded monster’s grip to escape. Many politically fed up miseducated liberal American voters will have to put off the dirty unlaundered democrat garments that only contained laundered money, and show up at the polls dressed for camouflaged battle come September with extremist democrat socialists, to clean up the mess Joe has made up close and personal for all who own cars, air Condition their homes, and now cannot afford to buy food.
HE was blinded by the light..
Cut loose like a deuce another runner in the night
Yeah blinded by the light
Oh, he got down but he never got tight, he’s gonna make it alright”,,,,or so the Democrat party line goes.
Poor delusional senile uncle Joe………
Well,
Biden and the Biden Family Cabal ARE on the “right path” to become Billionaires in the worst recession in 80 years…. The rest of us? We’re whipped to death by the Left’s Big Con.
Don’t forget the obamas and clintons..
AMEN to that!!!!
If you believe this, Ide like to sell you a service station
Is it 2024 yet?
“We’re on the right path” is correct for the agenda started decades ago. Appease China so nothing will be said of the underhanded dealing of one person plus the big guy. Give them Tiawan and allow them to purchase so much land here, they will control the future of the USA
As i said the other day, IF THIS doesn’t qualify for High treason charges.. WHAT THE HELL Does anymore?
Lies, lies, and more lies! I am very tired of hearing their daily lies and propaganda! All they want is their New World Order of Elites and peons.