Biden Blames ‘Technical Factors’ for GDP Miss and Recession Concerns

President Joe Biden got some bad news today when the GDP numbers came in and shocked everyone by showing a decline. A stalling economy with rising inflation always spells doom for the governing party.

Mitch McConnell said: “The economy actually shrank 1.4% over the last three months. No longer are Democrats just presiding over a disappointing recovery. Now they’ve thrown the recovery into reverse and we’re actually going backward.”

Biden tried to spin his way out of the miss when grilled by a reporter by citing other areas where the economy is strong. But pointing to the rising, possibly overpriced residential real estate market to make your case is as flimsy as it gets. And may come back to haunt Joe Biden.

Reporter: “How concerned are you about a recession, given the GDP report today?”

President Biden: “I’m not concerned about a recession. I mean, you’re always concerned about recession, but the GDP, you know, fell to 1.4%.”

Biden issued a statement that said:

“The American economy — powered by working families — continues to be resilient in the face of historic challenges.

“Last quarter, consumer spending, business investment, and residential investment increased at strong rates.

“The number of Americans on unemployment insurance remains at the lowest level since 1970.

“Later this morning, I will meet with small business owners who are creating and growing their businesses at a historic rate.

“While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of COVID-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength.

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“We need to keep making progress — cutting costs for working families, making more in America, and creating good-paying jobs you can raise a middle-class family on.

“Congressional Republicans, led by Senator Scott, believe the way to fight these global challenges is by raising taxes on middle class families, including half of small business owners.

“I have a different approach.

“Congress should send to my desk a bipartisan innovation bill to bolster our supply chains and make more in America.

“And Congress needs to pass legislation to lower costs and lower the deficit, reducing families’ prescription drug and utility bills and restoring fairness to our tax code — without raising taxes on anyone making less than $400,000 per year.

“That’s how we grow our economy and strengthen the middle class,” the statement said.

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By David Hawkins

David Hawkins is a writer who specializes in political commentary and world affairs. He's been writing professionally since 2014.

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