From the State Dining Room in the White House, President Joe Biden spoke on Thursday about the 'Inflation Reduction Act of 2022.'
Biden also commented on the disappointing GDP results for the second quarter, which came in at a negative 0.9 percent.
Regardless of what Joe Biden claims, the economy of the United States is currently experiencing a downturn.
Biden went even further than his earlier statements and insisted once more that the United States is not currently experiencing a recession.
“Chairman Powell and many of the um, uh, significant banking personnel and economists say we’re not in a recession,” Biden told reporters.
Shareholders, company owners, and average citizens across the United States are all aware of the fact that a recession is currently taking place in the United States.
Investors are aware that the United States is currently experiencing a recession, and regardless of what Joe Biden claims, they will operate based on this awareness.
“There’s an organization that decides whether there’s a recession or not — but investors? They’re not gonna wait! Two back-to-back quarters! It’s not good! Call it whatever you want!”
Even Austan Goolsbee, who served as an economic counselor to Barack Obama in the past, has stated that the Biden Administration is falling behind in this fight.
“If you’re explaining [recession] you’re losing,” Goolsbee said. He went on to say that the administration was going to find it an uncomfortable place to be.