{"id":1687622,"date":"2022-10-13T07:54:27","date_gmt":"2022-10-13T11:54:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1687622"},"modified":"2022-10-13T07:54:39","modified_gmt":"2022-10-13T11:54:39","slug":"joe-biden-denies-recession-despite-all-the-evidence","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-denies-recession-despite-all-the-evidence\/","title":{"rendered":"Joe Biden Denies Recession Despite All The Evidence"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/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%2Fjoe-biden-denies-recession-despite-all-the-evidence%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=1687622&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--><div><img decoding=\"async\" src=\"https:\/\/thepoliticalinsider.com\/wp-content\/uploads\/2022\/10\/2022.10.12-04.51-thepoliticalinsider-6346f09487bdc.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>With under 30 days to go before the mid term elections, President Joe Biden sat down with CNN\u2019s Jake Tapper. To his credit, Tapper jumped right in on the issue most Americans are concerned about: \u201cthe economy remains top of mind for voters.\u201d<\/p>\n<p>Tapper mentioned JPMorgan Chase CEO Jamie Dimon, who recently <a href=\"https:\/\/thepoliticalinsider.com\/serious-stuff-jpmorgan-chief-jamie-dimon-warns-inflation-qe-could-bring-down-economy\/?utm_source=home-featured\" target=\"_blank\" rel=\"noopener\">predicted economic calamity<\/a> within the next few months.<\/p>\n<p>He also brought up a Bank of America <a href=\"https:\/\/www.theepochtimes.com\/us-economy-to-start-losing-175000-jobs-a-month-next-year-bank-of-america_4790692.html\" target=\"_blank\" rel=\"noopener\">forecast of 175,000 jobs a month<\/a> being lost due to a possible recession.\u00a0<\/p>\n<p>Add to that <a href=\"https:\/\/www.npr.org\/2022\/07\/28\/1113649843\/gdp-2q-economy-2022-recession-two-quarters\" target=\"_blank\" rel=\"noopener\">two consecutive quarters of a shrinking<\/a> economy.\u00a0<\/p>\n<p>Hold your horses, says Joe. No need to cause alarm!\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">-High gas prices are back. <\/p>\n<p>-Grocery prices are still at record levels. <\/p>\n<p>-Used cars are virtually unaffordable.<\/p>\n<p>Joe Biden\u2019s recession.<\/p>\n<p>\u2014 Rep. Jim Jordan (@Jim_Jordan) <a href=\"https:\/\/twitter.com\/Jim_Jordan\/status\/1579966449510031360?ref_src=twsrc%5Etfw\">October 11, 2022<\/a><\/p>\n<\/blockquote>\n<p><strong>RELATED: <a href=\"https:\/\/thepoliticalinsider.com\/serious-stuff-jpmorgan-chief-jamie-dimon-warns-inflation-qe-could-bring-down-economy\/?utm_source=home-featured\" target=\"_blank\" rel=\"noopener\">\u2018Serious Stuff\u2019: JPMorgan Chase Chief Jamie Dimon Warns Inflation, QE, Could Bring Down Economy<\/a><\/strong><\/p>\n<h3>Maybe Just A \u2018Slight\u2019 Recession<\/h3>\n<div id=\"subscribe\" class=\"email-signup inarticle\">\n<h4>Support Conservative Voices!<\/h4>\n<h5><strong>Sign up to receive the latest<\/strong> political news, insight, and commentary delivered directly to your inbox.<\/h5>\n<\/div>\n<p>Biden <a href=\"https:\/\/www.cnbc.com\/2022\/10\/12\/biden-says-he-doesnt-think-there-will-be-an-economic-recession.html\" target=\"_blank\" rel=\"noopener\">appeared a bit annoyed<\/a> when Tapper asked, \u201cShould the American people prepare for a recession?\u201d<\/p>\n<p>Biden answered, \u201cEvery six months they say this. Every six months, they look down the next six months and say what\u2019s going to happen. It hadn\u2019t happened yet. It hadn\u2019t\u2026 I don\u2019t think there will be a recession. If it is, it\u2019ll be a very slight recession. That is, we\u2019ll move down slightly.\u201d<\/p>\n<p>Watch:\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BIDEN: &#8220;I don&#8217;t think there will be a recession. If there is, there will be a slight recession.\u201d <\/p>\n<p> <a href=\"https:\/\/t.co\/o6nVYOAjXV\">pic.twitter.com\/o6nVYOAjXV<\/a><\/p>\n<p>\u2014 Benny Johnson (@bennyjohnson) <a href=\"https:\/\/twitter.com\/bennyjohnson\/status\/1580017810306404352?ref_src=twsrc%5Etfw\">October 12, 2022<\/a><\/p>\n<\/blockquote>\n<p>Economists may have a slight problem with <a href=\"https:\/\/www.forbes.com\/advisor\/investing\/are-we-in-a-recession\/#:~:text=The%20argument%2C%20invariably%20influenced%20by,in%20the%20summer%20of%202022.\" target=\"_blank\" rel=\"noopener\">Joe Biden\u2019s broad definition of a recession<\/a>. Back in 1974, economist Julius Shiskin came up with a definition of recession that is still, for the most part, used today. If there are two consecutive quarters of declining gross domestic product (GDP), that is a recession.<\/p>\n<p>In other words, if the economy is still shrinking, even after counting government spending as \u201cgrowth,\u201d it\u2019s a recession.<\/p>\n<p>We\u2019ve seen numerous examples of the media attempting to give cover to the Democrats <a href=\"https:\/\/www.npr.org\/2022\/07\/28\/1113649843\/gdp-2q-economy-2022-recession-two-quarters\" target=\"_blank\" rel=\"noopener\">by playing with the definitions<\/a>, but the conditions for normal people tell the real story.<\/p>\n<p>The Consumer Price Index, a flawed but still universal measurement of inflation, was at 8.3% month. That number was an increase of 4.9% from August of 2021.<\/p>\n<p>Last month, the Federal Reserve also hiked interest rates up <a href=\"https:\/\/www.bankrate.com\/banking\/federal-reserve\/fed-interest-rate-decision-biggest-winners\/\" target=\"_blank\" rel=\"noopener\">another 0.75 percentage points in response to<\/a> the increased inflation rate. That means the cost of borrowing goes up \u2013 houses, vehicles, and yes \u2013 even the debt of the federal government.<\/p>\n<p>Perhaps to the mega-rich and powerful, mortgage rates doubling isn\u2019t a big deal. For everyone else? It\u2019s a huge deal.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Newsflash for Biden: technically? That little teeny tiny recession already began.<\/p>\n<p>Now\u2026 Let\u2019s just try to make sure it\u2019s not Armageddon for our economy.<\/p>\n<p>\u2014 Trish Regan (@trish_regan) <a href=\"https:\/\/twitter.com\/trish_regan\/status\/1580032784801837061?ref_src=twsrc%5Etfw\">October 12, 2022<\/a><\/p>\n<\/blockquote>\n<p><strong>RELATED:<a href=\"https:\/\/thepoliticalinsider.com\/video-trump-ready-to-run-like-the-wind-and-show-the-jackals-who-the-lion-is\/?utm_source=home-featured\" target=\"_blank\" rel=\"noopener\"> VIDEO: Trump Ready To \u2018Run Like The Wind\u2019 And Show The Jackals Who The Lion Is<\/a><\/strong><\/p>\n<h3>\u2018We Are In A Better Position\u2019<\/h3>\n<p>Biden added to his \u201cwe are not in a recession\u201d mantra with this: \u201cWe are in a better position than any other major country in the world economically and politically.\u201d<\/p>\n<p>Even if that is true, so what? That doesn\u2019t make a trip to the grocery store any cheaper.<\/p>\n<p>He continued, \u201cThere has been so much accomplished that the automaticity of a recession is just not there.\u201d<\/p>\n<p>Biden then bragged about massive government spending bills like the American Rescue Plan and the Inflation Reduction Act, which many economic entities <a href=\"https:\/\/thepoliticalinsider.com\/after-inflation-reduction-act-passes-cbs-reports-it-may-not-reduce-inflation\/\" target=\"_blank\" rel=\"noopener\">have declared will do little to nothing<\/a> to curb inflation, as evidence that there won\u2019t be a recession.\u00a0<\/p>\n<p>Are you lost? So was everyone else watching.<\/p>\n<p><strong>RELATED: <a href=\"https:\/\/thepoliticalinsider.com\/bestselling-author-of-the-the-simple-life-book-series-and-navy-veteran-gary-collins-dead-at-52\/?utm_source=home-featured\" target=\"_blank\" rel=\"noopener\">Bestselling Author Of The \u2018The Simple Life\u2019 Book Series And Navy Veteran Gary Collins Dead At 52<\/a><\/strong><\/p>\n<h3>Other Indicators Biden Should Be Worried About<\/h3>\n<p>There are even more clues that a recession might already be in the works. Not only are Americans flinching when they head to the gas pump or grocery store, but the market for big ticket items like homes and cars is also not a good one.<\/p>\n<p>At the end of September, the Associated Press <a href=\"https:\/\/thepoliticalinsider.com\/mortgages-used-car-prices-flying-out-of-reach-for-average-americans\/\" target=\"_blank\" rel=\"noopener\">reported that long term mortgage rates<\/a> had risen for the sixth straight week. Mortgage lender Freddie Mac announced the rate for a 30-year fixed mortgage had risen from 6.29% to 6.70%. This time last year the rate was just 3%.<\/p>\n<p>Car buyers are facing the same problems. The nation\u2019s largest used car dealer CarMax announced an earnings drop of 54%, and overall sales dropping 6.4%. They also reported that the average price for a used vehicle was $28,657. Again, that is for a <em>used <\/em>car.<\/p>\n<p>There are some out there who aren\u2019t taking a beating in this economy. Most of us are, and colossal spending schemes do nothing at all to fix it.<\/p>\n<div>\n<p><strong>Now is the time to support and share the sources you trust.<\/strong><br \/>The Political Insider ranks #3 on <a href=\"https:\/\/blog.feedspot.com\/political_blogs\/\">Feedspot\u2019s<\/a> \u201c100 Best Political Blogs and Websites.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With under 30 days to go before the mid term elections, President Joe Biden sat down with CNN\u2019s Jake Tapper. To his credit, Tapper jumped right in on the issue<\/p>\n","protected":false},"author":1,"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-1687622","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\/1687622","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1687622"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1687622\/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=1687622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1687622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1687622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}