{"id":1576488,"date":"2022-07-28T11:10:44","date_gmt":"2022-07-28T15:10:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576488"},"modified":"2022-07-28T11:11:02","modified_gmt":"2022-07-28T15:11:02","slug":"biden-says-america-on-right-path-as-report-shows-two-consecutive-quarters-of-declining-gdp","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-america-on-right-path-as-report-shows-two-consecutive-quarters-of-declining-gdp\/","title":{"rendered":"Biden Says America On \u2018Right Path\u2019 As Report Shows Two Consecutive Quarters Of Declining GDP"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-says-america-on-right-path-as-report-shows-two-consecutive-quarters-of-declining-gdp%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576488&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Joe Biden insists the U.S. is on the \u201cright path\u201d as the GDP report released Thursday shows two consecutive quarters of falling GDP which, by some definitions, indicates the economy is headed toward a recession.<\/p>\n<p>The U.S. real <a href=\"https:\/\/data.oecd.org\/gdp\/gross-domestic-product-gdp.htm\" target=\"_blank\" rel=\"noopener noreferrer\">GDP<\/a> <a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/recession-us-economy-second-quarter-gdp-growth\/\" target=\"_blank\" rel=\"noopener noreferrer\">decreased<\/a> at an annual rate of 0.9% in the second quarter of 2022, data released Thursday from the <a href=\"https:\/\/www.bea.gov\/data\/gdp\/gross-domestic-product\" target=\"_blank\" rel=\"noopener noreferrer\">Bureau of Economic Analysis<\/a> (BEA) shows. Biden said Thursday that the report is not surprising and the U.S. is in a transition period.<\/p>\n<p>\u201cComing off of last year\u2019s historic economic growth \u2013 and regaining all the private sector jobs lost during the pandemic crisis \u2013 it\u2019s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,\u201d Biden said in a statement. \u201cBut 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.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2022\/07\/27\/cnn-john-harwood-recession-tweets\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: CNN Reporter\u2019s Tweet Comes Back To Haunt Him As He Tries To Dismiss Recession Fears)<\/a><\/strong><\/p>\n<p>\u201cConsumer spending is continuing to grow,\u201d the president continued. \u201cMy 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.\u201d<\/p>\n<div id=\"attachment_7487504\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7487504\" class=\"size-large wp-image-7487504\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/2022-07-28T092159Z_2_LYNXMPEI6R0BN_RTROPTP_4_UKRAINE-CRISIS-USA-CONGRESS-620x411-1.jpg\" alt=\"FILE PHOTO: U.S. President Joe Biden arrives to deliver remarks on expanding high-speed internet access, during a Rose Garden event at the White House in Washington, U.S., May 9, 2022. REUTERS\/Kevin Lamarque\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/2022-07-28T092159Z_2_LYNXMPEI6R0BN_RTROPTP_4_UKRAINE-CRISIS-USA-CONGRESS-620x411-1.jpg 620w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2022\/07\/2022-07-28T092159Z_2_LYNXMPEI6R0BN_RTROPTP_4_UKRAINE-CRISIS-USA-CONGRESS-181x120.jpg 181w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/2022-07-28T092159Z_2_LYNXMPEI6R0BN_RTROPTP_4_UKRAINE-CRISIS-USA-CONGRESS-768x509-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/2022-07-28T092159Z_2_LYNXMPEI6R0BN_RTROPTP_4_UKRAINE-CRISIS-USA-CONGRESS-1536x1018-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/2022-07-28T092159Z_2_LYNXMPEI6R0BN_RTROPTP_4_UKRAINE-CRISIS-USA-CONGRESS-2048x1357-1.jpg 2048w\" \/><\/p>\n<p id=\"caption-attachment-7487504\" class=\"wp-caption-text\">FILE PHOTO: U.S. President Joe Biden arrives to deliver remarks on expanding high-speed internet access, during a Rose Garden event at the White House in Washington, U.S., May 9, 2022. REUTERS\/Kevin Lamarque<\/p>\n<\/div>\n<p>The Biden administration has consistently pushed back on claims the <a href=\"https:\/\/dailycaller.com\/2022\/07\/27\/jared-bernstein-falling-gas-prices-no-victory-lap\/\" target=\"_blank\" rel=\"noopener noreferrer\">economy<\/a> is in, or heading toward, a recession, publishing a recent blog post that argues that two consecutive quarters of falling GDP is not indicative of a recession. The National Bureau of Economic Research uses several factors to determine whether the U.S. is in a <a href=\"https:\/\/dailycaller.com\/2022\/07\/22\/jennifer-granholm-clean-energy\/\" target=\"_blank\" rel=\"noopener noreferrer\">recession<\/a>. Economist <a href=\"https:\/\/money.cnn.com\/2008\/05\/05\/news\/economy\/recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">Julius Shiskin<\/a> wrote in 1974 that two consecutive quarters of declining GDP is a good rule of thumb to define a <a href=\"https:\/\/www.forbes.com\/advisor\/investing\/what-is-a-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">recession<\/a>. The <a href=\"https:\/\/dailycaller.com\/2022\/07\/21\/nyt-paul-krugman-green-energy\/\" target=\"_blank\" rel=\"noopener noreferrer\">definition<\/a> has become somewhat of a <a href=\"https:\/\/www.weforum.org\/agenda\/2022\/07\/global-economic-recession-meaning\/\" target=\"_blank\" rel=\"noopener noreferrer\">standard<\/a>, though other factors should be considered.<\/p>\n<p>E.J. Antoni, research fellow for regional economics at The Heritage Foundation, told the Daily Caller News Foundation that technical definitions matter naught if Americans can feel it in their pockets.<\/p>\n<p>\u201cAt the end of the day the average American family has been going through economic pain for the last 18 months; paychecks are going out the door faster than they\u2019re coming in because of inflation, credit card debt is getting more expensive to service, regular folks can\u2019t afford a home, gas and grocery prices are going up. In my opinion, if you go out and talk to regular Americans it is so blatantly obvious the economy is contracting.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden insists the U.S. is on the \u201cright path\u201d as the GDP report released Thursday shows two consecutive quarters of falling GDP which, by some definitions, indicates the<\/p>\n","protected":false},"author":74,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1576488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1576488"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1576488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1576488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1576488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}