Even as Thursday's GDP report indicates the United States is in a recession, having experienced two quarters of successive negative growth, President Joe Biden is still touting what he and his administration have referred to as "historic economic growth." In a statement posted to the White House Briefing Room, Biden began by saying, "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."
"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," his statement went on to read, as it also referred to a "historically strong" job market and the unemployment rate being at 3.6 percent.
When it comes to the job market, though, it's worth reminding that the June job numbers showed fewer jobs added from the previous month.
The president concluded by promoting his legislative agenda. "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," he continued.
When it comes to the CHIPS Act, Veronique de Rugy warns in a column for Townhall that "it invariably grows the budget deficit."
The so-called Inflation Reduction Act will increase inflation, despite its idealistic name, as Brian Darling points out in another column for Townhall.
Further, news came out Wednesday night that Sen. Joe Manchin (D-WV) agreed to a deal with Senate Majority Leader Chuck Schumer (D-NY) when it comes to that bloated reconciliation spending bill, despite how he claims to be concerned about inflation and the definition.
Shortly after the White House released Biden's statement, RNC Chairwoman Ronna McDaniel issued one of her own. "This is Joe Biden's recession. Biden can lie and deflect blame all he wants, but that will not alleviate the pain Americans feel every time they fill up their gas tanks, go grocery shopping, check their retirement savings, or balance their budgets. Biden and Democrats are responsible for our shrinking economy, and they're only trying to make it worse," she said.
When it comes to what Biden and those in his administration claim is a "strong" economy, it's worth reminding that the American people aren't on the same page. The president is experiencing a 32 percent approval rating on the economy, according to RealClearPolitics (RCP), while 63.7 percent disapprove.
One particularly memorably bad poll from earlier this month included a CNBC poll, which showed just 1 percent of respondents believe the economy is "excellent," while 10 percent believe it's "good."
It's also worth pointing out that Biden's statement never acknowledged we are in a recession, as he and those in his administration have gone about seeking to change the definition.
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