Joe Biden congratulated himself on a job well done during a press conference Friday, claiming that the US economy is “on the right path” despite the second straight quarter of negative growth.
At the failings of the Biden administration looked like incompetence. Now it appears they are intentional.
Biden’s comments come despite White House data published on Thursday showing the second straight quarter of negative economic growth in the United States.
Thursday’s data reveals that the U.S. Bureau of Economic Analysis’s (BEA) first estimate of the nation’s gross domestic product was worse than the predicted expansion of 0.5%, FXStreet noted. In reality, the economy shrank by a 0.9 annualized rate.
Historically, Economists have defined a recession as two consecutive quarters of negative growth.
Despite that, Biden claimed in a statement that the contraction was unsurprising and the economy is heading in the right direction.
“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 remarked.
“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.