Fed Chair Jerome Powell said one sentence that left Democrats panicking

Democrats were hit with the worst news of Joe Biden’s Presidency.

Their problems just exacerbated with one announcement.

And Fed Chair Jerome Powell said one sentence that left Democrats panicking.

The economic problems caused by Joe Biden came to a head with the announcement of the second quarter GDP numbers.

The government’s own statistics revealed that second quarter GDP clocked in at -0.9%.

Since this is the second consecutive quarter of negative economic growth, it officially marked the start of the Biden recession.

After he created a host of problems like rampant inflation and record high gas prices, a recession was the last grim milestone for the Biden economy to cross.

For decades, the technical definition of a recession was two consecutive quarters of negative economic growth.

However, the White House began furiously trying to spin the news the moment it was published.

The definition of a recession was redefined, with the claim that the prior definition was too simplistic to capture the nuances of the economy.

With the help of their allies in the corporate-controlled media, a ludicrous effort to claim the country wasn’t in a recession began.

In an appearance on The View, White House Press Secretary Karine Jean-Pierre reacted to the terrible GDP numbers with a laughable claim.

“Before a recession in U.S. history, you see jobs lost, and that’s not what we’re seeing right now … we’re seeing gains,” Jean-Pierre said. “We’re in a transition. We had this strong economic growth from the work this President has done.”

In the face of months of terrible economic news, the Biden regime has claimed that a low unemployment rate is proof that everything is fine with the economy.

In a speech reacting to the new GDP numbers, Joe Biden delivered one of the most detached from reality statements of his Presidency.

He claimed that the economy is “on the right path,” and that “it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation.”

Democrats thought that they had everything lined up to spin their way out of the latest disastrous economic news.

While Biden claimed that the negative economic growth was no surprise, Federal Reserve Chairman Jerome Powell had a different reaction.

“We didn’t expect a good reading, but this one was even worse than we expected,” Powell said.

Powell has spent the Biden Presidency underplaying the major problems facing the economy.

Saying the news was worse than expected is devastating from the usually understated Powell.

Powell’s comments will throw a monkey wrench in the latest White House spin job.

Despite their best efforts to claim the country isn’t in a recession, the public knows otherwise.

Nearly two thirds of Americans already think the country is in a recession, and no laughable spin from Biden is going to change that reality.

Joe Biden will have to grapple with the biggest problem of his Presidency now that the country is in a recession.

Renewed Right will keep you up-to-date on any new developments in this ongoing story.