The United States has announced that it experienced negative GDP growth for its second quarter. This means that the country is likely to be in recession, pending any revisions to this number. Although the decline of 0.9 percent is not as severe as that of 1.6 percent, it is nonetheless noteworthy. CNBC reports that the National Bureau of Economic Research makes the official call regarding the use of the term “recession”, but it fits the technical definition.
While President Joe Biden was campaigning in the midst of the COVID-19 pandemic’s height, he boasted of his ability to fight a recession through a tweet that lasted as hot as milk on a summer day.
Biden tweeted on Oct. 11, 2020, “I helped pull this nation out of recession before — and as president, it will happen again.”
I helped pull this country out of a recession before — and, as president, I’ll do it again.
— Joe Biden (@JoeBiden) October 11, 2020
What’s the procedure for when high-government spending policies by the president help the U.S. enter a recession?
According to the White House, he’s made comments similar to those in the tweet when he was discussing the economic plan for Sept. 2021.
The nation was still reeling from the worst economic crisis since 1929 when I was elected President. In the three months prior to my sworn-in, job growth was slow with only 60,000 new jobs per month.
We then went back to work, and in March we passed the American Rescue Plan. It worked. It still works.
In the past three months, our economy has created on average 750,000 jobs per month. Our economy is expanding at the fastest pace in almost 40 years.
Our recovery is unprecedented in the world. Our economy is the only one in developed countries that have grown faster than before the pandemic.
This is great news, but I am sure many Americans struggle to get through each day.
He praised economic recovery in the Obama years, and again as president. The country is currently in recession. Americans don’t need to be told by an economist that they are financially struggling. This is both bad news for Americans and bad news for Democrats. Many people will vote with their wallets in November’s midterm elections.
Biden must have a plan if he wants to save what little is left of his presidency.