Joe Biden is taking on water in every direction.
Now the hits are coming from his own party.
And it took Bill Clinton just 30 seconds to destroy Joe Biden.
The government released figures showing Gross Domestic Product declined by 0.9 percent in the second quarter of 2022.
That followed a decline of 1.6 percent in the first quarter.
Two consecutive quarters of negative GDP is technical and accepted definition of a recession.
But Biden and his loyal allies in the corporate media tried to claim two straight quarters of declining GDP no longer indicated America was in a recession.
In comments at the White House Biden tried to claim the economy was on the right path.
“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 declared. “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. Our job market remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone.”
In remarks at the White House supporting a $280 billion corporate welfare bailout Biden ticked off some statistics about the semi-conductor industry and claimed “that doesn’t sound like a recession to me.”
And just last week, it had — SK corporation of the Republic of Korea announced $22 billion in new investment in semiconductor batteries, chargers, and medical devices, creating another 16,000 jobs here in America.
And this is powering the strongest rebound in American manufacturing in over three decades, creating 613,000 — 613,000 manufacturing jobs.
Passing the CHIPS bill is going to put another $72 billion for incentives and tax credits to expand semiconductor production. And the Inflation Reduction Act will add another $370 billion in clean energy tax credits in reconciliation, including incentives to accelerate domestic production of solar panels, wind turbines, batteries, and critical materials processing.
That doesn’t sound like a recession to me.
But everyone knew Joe Biden was lying.
Democrats used to dwell in reality on this topic.
A December 2000 video showed Bill Clinton in the Oval Office with then President-Elect George W. Bush saying that two consecutive quarters of negative GDP was the “technical definition of a recession.”
"A recession is two quarters in a row of negative growth."
— President Clinton, Dec. 19, 2000 pic.twitter.com/h04jcPX7P3
— Howard Mortman (@HowardMortman) July 28, 2022
Biden and the media are desperate to spin the recession as not existing because liberals understand how the contracting economy will crush the Democrats in the midterm election.
But the spin job is failing as a recent IBD/TIPP poll showed 58 percent of Americans believe the economy entered a recession.
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