• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Biden Insists the Economy Is ‘On the Right Path’ After 2 Negative GDP Quarters

Biden Insists the Economy Is ‘On the Right Path’ After 2 Negative GDP Quarters

July 28, 2022
DOJ Formally Asks Manhattan Court To Unseal Epstein Grand Jury Testimony

DOJ Formally Asks Manhattan Court To Unseal Epstein Grand Jury Testimony

July 18, 2025
Trump Files Suit Against Murdoch Over WSJ Epstein Story

Trump Files Suit Against Murdoch Over WSJ Epstein Story

July 18, 2025
Susan Collins’ Approval Rating At Record Low, Poll Claims

Susan Collins’ Approval Rating At Record Low, Poll Claims

July 18, 2025
Pulitzer Prize-Winning WaPo Reporting Was Based Off ‘Blatantly False’ Intel, ODNI Report Says

Pulitzer Prize-Winning WaPo Reporting Was Based Off ‘Blatantly False’ Intel, ODNI Report Says

July 18, 2025
Scott Bessent Brutalizes His Biden-Era Predecessor After She Invokes China In Attempt To Get At Trump

Scott Bessent Brutalizes His Biden-Era Predecessor After She Invokes China In Attempt To Get At Trump

July 18, 2025
Israel Reportedly Took Major Step To Potentially Resettle Gazans

Israel Reportedly Took Major Step To Potentially Resettle Gazans

July 18, 2025
Senate Energy Dems Top The Hill With Gayest Committee Staff, Survey Shows

Senate Energy Dems Top The Hill With Gayest Committee Staff, Survey Shows

July 18, 2025
EPA Slashes Workforce, Reorganizes To Save American Taxpayers

EPA Slashes Workforce, Reorganizes To Save American Taxpayers

July 18, 2025
These Medical Schools Can’t Stop Racially Gerrymandering Their Student Bodies

These Medical Schools Can’t Stop Racially Gerrymandering Their Student Bodies

July 18, 2025
Tom Homan Details Search For 300,000 Kids Biden Admin Lost

Tom Homan Details Search For 300,000 Kids Biden Admin Lost

July 18, 2025
Blue City Sheriffs Scoff At DOJ Request For Information On Illegals

Blue City Sheriffs Scoff At DOJ Request For Information On Illegals

July 18, 2025
Trump Revels in Colbert Cancellation; Suggests Kimmel is Next

Trump Revels in Colbert Cancellation; Suggests Kimmel is Next

July 18, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Saturday, July 19, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Biden Insists the Economy Is ‘On the Right Path’ After 2 Negative GDP Quarters

by Bradley Cortright
July 28, 2022 at 12:56 pm
in News
240 12
0
Biden Insists the Economy Is ‘On the Right Path’ After 2 Negative GDP Quarters

SOMERSET, MA - JULY 20: President Joe Biden delivers remarks on climate change and clean energy at Brayton Point Power Station on July 20, 2022 in Somerset, Massachusetts. Biden announced executive actions on the 'climate crisis.' (Photo by Scott Eisen/Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

President Joe Biden says the economy is on the “right path” despite having two consecutive quarters of negative growth.

In a statement on Thursday, Biden said, “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.”

He continued:

“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. Consumer spending is continuing to grow.”

Finally, Biden said, “My economic plan is focused on bringing inflation down, without giving up all the economic gains we have made.”

Read the statement below:

Biden issues new statement after the GDP report showed a second straight quarter of decline:

"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…" pic.twitter.com/qWrP4sOUUN

— Shelby Talcott (@ShelbyTalcott) July 28, 2022

On Thursday morning, the latest gross domestic product (GDP) report found that the economy shrank 0.9% in the last three months — marking the second consecutive quarter of negative economic growth.

NPR notes that a recession is often marked by two negative GDP reports in a row. However, it points out, “It’s not an official definition.”

The latest GDP data sparked further concerns that the U.S. is either already in a recession or heading toward one.

However, speaking to reporters earlier this week, Biden said, “We’re not going to be in a recession, in my view.”

He went on, “My hope is we’ll go from this rapid growth to steady growth, and so we’ll see some coming down. But I don’t think, God willing, I don’t think we’re going to see a recession.”

Watch the video below:

BIDEN: "God willing, I don't think we're going to see a recession." pic.twitter.com/jFvcO8ix6a

— Townhall.com (@townhallcom) July 25, 2022

In a handout released last week, the White House said, “While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle.”

“Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes,” it continued. “Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession.”

Finally, it stated, “Recession probabilities are never zero, but trends in the data through the first half of this year used to determine a recession are not indicating a downturn.”

Tags: EconomyJoe Bidenpolitics
Share196Tweet123
Bradley Cortright

Bradley Cortright

IJR, Senior Writer He's written for Independent Journal Review since 2019.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th