After insisting that the United States is not in recession, President Joe Biden became defensive at the White House.
After reading through a list positive economic news on his notecard, he stated that “that doesn’t seem like a recession”
After Thursday’s GDP numbers showed that the economy contracted by 0.9 percent, the president discussed the possibility of a recession.
He shifted to economic news that was positive.
Biden cited “record low” unemployment rates of 3.6 % and record business investment rates in America.
He also cited investments in semiconductor chips and electric battery production as proof that the economy is not in recession.
He also claimed that Jerome Powell, the Federal Reserve chairman, said that the economy is not in recession. This was an exaggeration.
Powell stated Wednesday that it was absurd for the economy to be in recession after Powell announced a new hike in interest rates in an effort to lower inflation.
He also claimed that a new Senate Democrat proposal of $370 billion to subsidize both the wind and solar power industries as well as the electric vehicle industry would only aid the economy’s growth.
He called the new spending agreement “a big deal” that he urged Congress to approve, despite its goal to raise taxes and add $430 billion in spending.
He said, “Pass it,” in reference to the bill. Pass it for the American people. Pass it for America.