President Joe Biden went on defense from the White House, claiming that the U.S. is not in a recession even after GDP numbers were released confirming a second consecutive quarter of economic contraction – attacking Americans for complaining about the struggling economy.
“That doesn’t sound like a recession to me,” Biden claimed after spewing off numerous bits of misleading “positive” economic news.
Biden pointed to “record” low unemployment rates of 3.6 percent and business investments in America at “record” rates.
He also pointed to investments in electric battery production and semiconductor chips as evidence the economy is not experiencing a recession.
The president also claimed that Federal Reserve chairman Jerome Powell said the economy was not currently in a recession, which was a distortion of what the chairman actually said.
“It doesn’t make sense that the economy would be in recession,” Powell said earlier this week after announcing another interest rate hike to fight inflation.
Biden also claimed that a new Democrat proposal to spend $370 billion to subsidize the wind and solar power industry, as well as the electric car industry, would only help the economy grow further.
He described the new spending agreement as “a big deal” and urged Congress to pass it, despite its goal of raising taxes and $430 billion in new spending.
“Pass it,” he said, referring to the bill. “Pass it for the American people. Pass it for America.”
The frustrated president also seemed to tell Americans to shut-up and stop complaining about inflation and the economy – reminding them his administration sent them money in 2021.
“There’s reason to be down but I started thinking about it … the first year, we were able with the rescue plan, we were able to send them a check for eight grand,” he said. “I mean a check. Beyond that by the way, there was more than that.”
Biden is referring to the trillions he spent in the Democrat-passed American Rescue Plan and his mention of the “$8,000 check” was likely a reference to the temporary expansion of the child tax credit provided to some families in 2021 until it expired this year.
The president was complaining that Americans forgot what he did for them in 2021.
He pointed out that even for Americans making $120,00 a year, $8,000 dollars should have meant a lot to them.
“That’s a lot of money, and so it helped save a lot of people in terms of getting thrown out of their home and rental housing and a whole range of things,” he said.
Treasury Secretary Janet Yellen agreed, noting the trillions in government spending boosted the economy, despite the high inflation rates that followed.
“We need to bring down inflation, but we need to preserve the success that that plan achieved in the labor market,” she said.
