Biden: Economy slowing down but not in recession

During a meeting with CEOs Thursday, President Joe Biden continued to dismiss claims the U.S. is in a recession, pointing to a "historically strong" job market along with robust consumer spending and business investment.

Biden spoke after a GDP report was released showing the U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.

Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.

Rejecting the notion the U.S. is in a recession right now, Biden said there is "no doubt we expect growth to be slower than last year." But he said that's "consistent with a stable steady growth and lower inflation."

"If you look at our job market, consumer spending, business investment, we see signs of economic progress in the second quarter, as well," he said.

Biden also leaned on remarks that the chairman of the Federal Reserve, Jerome Powell and other economic leaders have made.

"Powell...made it clear that he doesn't think the US economy is currently in a recession. He said, quote, 'There are too many areas of economic, where the economy is performing too well,'" the president said.

The inflation surge and fear of a recession have eroded consumer confidence and stirred anxiety about the economy, which is sending frustratingly mixed signals.

And with the November midterm elections nearing, Americans’ discontent has diminished President Joe Biden’s public approval ratings and could increase the likelihood that the Democrats will lose control of the House and Senate.
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[christophermorris]

Just like we wouldn't leave a American behind in afghanistan.inflation is transitory.he never met hunters business partners. We're not in a recession👌

[ethanbailey]

Recession Definition is changed, just like a definition of a woman has changed, I'm a man, and I can get pregnant, defund the police, refund the police, domestic gas bad, Saudi gas good, getting confused 😕

[darthmom]

*RECESSION* re·ces·sion [rəˈseSH(ə)n] NOUN

*Definition:* a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
"the country is in the depths of a recession"
 
*synonyms:* economic decline

[Spaceballz]

Technically Biden is right, we are not in a recession because Biden just changed the definition of recession 😅