(The Guardian) Biden: Economy 'on right path' despite unofficial recession
Joe Biden is talking up the US economy in a statement from the White House, even as depressing data released Thursday indicates a recession has technically begun.
“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 said, referring to Wednesday’s decision to hike interest rates by 0.75%. -- 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 1m jobs created in the second quarter alone. My economic plan is focused on bringing inflation down, without giving up all the economic gains we have made. Congress has an historic chance to do that by passing the Chips and Science Act and Inflation Reduction Act without delay.
Joe Biden is talking up the US economy in a statement from the White House, even as depressing data released Thursday indicates a recession has technically begun.
“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 said, referring to Wednesday’s decision to hike interest rates by 0.75%. -- 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 1m jobs created in the second quarter alone. My economic plan is focused on bringing inflation down, without giving up all the economic gains we have made. Congress has an historic chance to do that by passing the Chips and Science Act and Inflation Reduction Act without delay.
