Candidate Joe Biden promised to get the United States out of the recession caused by the coronavirus and the subsequent economic shutdowns when he ran for president.
“I helped pull this country out of a recession before — and, as president, I’ll do it again,” Biden wrote on social media in October 2020.
I helped pull this country out of a recession before — and, as president, I’ll do it again.
— Joe Biden (@JoeBiden) October 11, 2020
The president’s old promises were revisited Thursday on social media after the latest GDP numbers were released for the second quarter of 2022, showing two consecutive quarters of contracted growth.
That makes Biden responsible for a recession, despite White House efforts to redefine what it actually means.
In spite of spending trillions of dollars and fueling record-high inflation, Biden has struggled to explain why economic growth has slowed on his watch.
In a statement to reporters, Biden blamed the Federal Reserve’s monetary policy for the economy’s slowing.
“[I]t’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” he said.
The president spoke Thursday about his support for the latest Democrat attempt to raise taxes and spend $433 billion more as proof he is committed to fighting inflation.
My message to Congress is this:
The Inflation Reduction Act is the strongest bill you can pass to lower inflation, reduce costs, and tackle our climate crisis.
So pass it. Pass it for the American people – and pass it for America.
— President Biden (@POTUS) July 28, 2022