Biden Shrugs Off Recession Talk, Talks Up Fighting Inflation

U.S. capital WASHINGTON (Associated Press) – On Thursday, President Joe Biden and his administration went to great lengths to downplay a fresh economic report that contributed to the evidence of a recession, instead shifting the spotlight to huge legislative progress on measures to contain inflation, reduce debt, and protect America’s competitive edge.

The need to focus on the bright side reflected the rising political tensions preceding the midterms. While Republicans in Congress are sounding the alarm that a downturn has begun, Vice President Joe Biden and the Democrats would rather that the public’s attention be diverted to their expected victories in two upcoming midterm elections.

The ups and downs of the Biden administration, where one win can be overshadowed by another and the news cycle travels quicker than victory laps, were on full display on Thursday. This resulted in competing versions of the country’s history.

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Inflation is at a four-decade high, and the Republican Party has interpreted this as proof of a “Biden recession” in light of the latest economic data. However, Biden countered by pointing to the historically low unemployment rate and rising business investment. It didn’t sound like a recession to him, he said.

Biden dismisses concerns about a recession and instead emphasizes the importance of reducing inflation. As reported yesterday by JOSH BOAK and ZEKE MILLER.South Court Auditorium, White House, Washington, DC, Thursday, July 28, 2022: Vice President Joe Biden listens during a discussion with CEOs discussing the economy. The current state of the economy in all of the major industries was reported to Vice President Biden. Photo by Susan Walsh for AP.

Biden Shrugs Off Recession Talk, Talks Up Fighting Inflation
Biden Shrugs Off Recession Talk, Talks Up Fighting Inflation

The need to focus on the bright side reflected the rising political tensions preceding the midterms. While Republicans in Congress are sounding the alarm that a downturn has begun, Vice President Joe Biden and the Democrats would rather that the public’s attention be diverted to their expected victories in two upcoming midterm elections.

The ups and downs of the Biden administration, where one win can be overshadowed by another and the news cycle travels quicker than victory laps, were on full display on Thursday. This resulted in competing versions of the country’s history. Inflation is at a four-decade high, and the Republican Party has interpreted this as proof of a “Biden recession” in light of the latest economic data.

As a result of the economy, it is the economy that has taken center stage in the UK Conservative election. The president was pleased that Congress had approved a $280 billion bipartisan package to help the U.S. semiconductor industry and that a bill backed by Democrats to bring down the cost of prescription drugs, combat climate change, fully fund the Internal Revenue Service, set up a minimum corporate tax, and reduce the deficit had unexpectedly come back to life.

Following Biden’s lead, other White House officials downplayed the GDP figure indicating the economy contracted by 0.9% on an annualized basis.

When asked about the disconcerting GDP figure, Brian Deese, director of the White House National Economic Council, told The Associated Press, “Where we are right now is we are on the edge of doing some significant things that would assist drive the ball forward on the economy.” That’s where our attention goes.”

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