America’s economy officially hit a recession.
No one could believe how Joe Biden responded.
And Joe Biden said six words about the recession that will leave you speechless.
Joe Biden inherited an economic recovery from Donald Trump.
Real GDP growth increased by 33 percent in the third quarter of 2020 and four percent in the fourth quarter.
But the first quarter of 2022 found the economy shrinking by 1.6 percent.
And the second quarter GDP number showed a contraction of 0.9 percent.
Two consecutive quarters of negative economic growth is the accepted definition of a recession.
Joe Biden and the Democrats then launched a massive spin campaign to gaslight the American people into thinking that the economy was thriving.
Biden actually tried to claim the economy shrinking for two straight quarters meant that “we are 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,” a statement from Joe Biden read. “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. Our job market remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone.”
Biden then delivered remarks at the White House, where he again tried to falsely claim the economy was not in a recession.
“Consumer spending is continuing to grow,” Biden stated. “My economic plan is focused on bringing inflation down, without giving up all the economic gains we have made. Congress has an historic chance to do that by passing the CHIPS and Science Act and Inflation Reduction Act without delay.”
Polls and economic data show Joe Biden’s attempts to fool the American people are failing.
An IBD/TIPP poll showed 58 percent of Americans believe the nation is in a recession.
That number is up from 53 percent in June and 48 percent in May.
Rampant inflation – caused by Joe Biden’s socialist spending – is contributing to both the recession and the American people feeling like they are living through a recession.
And try as he might, Joe Biden cannot lie his way out of this one.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.