Posted on 07/28/2022 1:20:54 PM PDT by Red Badger
WASHINGTON, DC - JULY 28: U.S. President Joe Biden delivers remarks on the Inflation Reduction Act of 2022 in the State Dining Room of the White House on July 28, 2022 in Washington, DC. In a major reversal, U.S. Sen. Joe Manchin (D-WV) announced his support for the legislation that includes provisions for climate change, tax hikes on corporations and health care subsidies.
President Joe Biden suggested that the U.S. economy was not in a recession Thursday despite new economic data showing that the U.S. has entered a recession.
Biden spoke at the White House, touting economic data showing a growing labor market and some new investments. Biden also advocated for the passage of the CHIPS Act and Inflation Reduction Act in Congress, claiming that both would boost economic growth.
“That doesn’t sound like a recession to me,” Biden said, wrapping up his comments and leaving the podium without taking questions.
On Thursday morning, the U.S. Bureau of Economic Analysis released data showing that the U.S. economy shrank for the second straight quarter, satisfying the traditional requirement of a recession.
Recently, the White House has argued that two straight quarters of falling GDP does not necessarily define a recession and that only the Bureau of Economic Analysis can declare an official recession.
Biden’s remarks at the White House follow a statement saying that the U.S. economy is “on the right path” that he released earlier after the release of the GDP report. The Federal Reserve and the Biden administration have struggled for months to tame runaway inflation that accelerated to 9.1% in June.
“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,” Biden said in the 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,” he added. “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. Earlier this week, I met with the Chairman of SK Group from Korea, just one of the companies investing more than $200 billion in American manufacturing since I took office, powering a historic recovery in American manufacturing.”
That’s because you’re the Big Guy.
Pathetic, incapable mentally of answering questions.
What a dickhead… there’s the campaign ad for midterms.
BORDERS ARE SAFE
IT’S NOT A RECESSION
ORANGE MAN STILL BAD, I’M STILL GOOD
INFLATION IS GOOD FOR YOU
I USE THE RACE CARD ALL THE TIME BECAUSE YOU ARE RACIST
ONLY OUR FOSSIL FUELS CAUSE CO2, NOT OUR ENEMIES
Joe’s got a Nose for
This Kinda Stuff.
/$
.
Let’s go BRANDON!
Just around the corner, there's a rainbow in the sky,
So let's have another cup of coffee,
And let's have another piece of pie.
Trouble's just a bubble, and the clouds will soon roll by,
So let's have another cup of coffee,
And let's have another piece of pie.
Let a smile be your umbrella,
For it's just an April shower.
Even Zuckerberg and Bezos
Are looking for the silver lining.
Kamala and Biden say, "now's the time to buy!"
So let's have another cup of coffee
And let's have another piece of pie!
It probably doesn’t smell like you crapped your pants either, lunchbucket joe.
Aren’t labor numbers trailing indicators of a recession?
No Recession,
Gun Control,
Safe and Effective,
J6 Insurrection,
Orange Man Bad and
81 Million Votes!
.
What did I Forget as I
Don’t watch TV?
Head jackass of the jackass party. . . .
Can’t beat it, just redefine it.
#Unfrakinreal
“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.”
Tweet by Michael R. Strain.
https://twitter.com/MichaelRStrain/status/1551614956256256000
Biden said” ... it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation”.
... that Biden and the socialists caused. It is no surprise that a doubling of energy costs creates major inflation. The fed is just reacting with the tools they have to counter poor economic and financial policies by this administration.
Maybe Hunter is smart. He knows stuff.
Biden: Yeah, it's good to be King. I made up that saying, you know? Around the time I stared down Corn Pop. I am a good father. Years ago I told Hunter you get me my full 10% as The Big Guy or you go to bed tonight without any hookers or any dope. That straightened him out.
Flashback:
President Hoover was unprepared for the scope of the depression crisis, and his limited response did not begin to help the millions of Americans in need.
—LumenLearning.com
If we allow the recession to continue, it will turn into an economic depression as in the 1920’s and it will require a world war to get out of it.
The dems keep pointing to the unemployment rate, but they want to ignore the civilian labor force participation rate (the percentage of the civilian population that are employed). The labor force participation rate is still far below where it was at the beginning of 2020 and has been falling since March.
When the labor force participation rate and the unemployment rate are both low, it means that people have stopped looking for jobs.
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