Joe Biden: Shrinking GDP ‘Consistent’ With ‘Transition’ To Stable Economy

Joe Biden: Shrinking GDP ‘Consistent’ With ‘Transition’ To Stable Economy

President Joe Biden claimed that Thursday’s economic data showing the U.S. has entered a recession is “consistent with the transition to a stable, steady growth and lower inflation.”

The Biden administration has downplayed the poor economic news as signaling an economic transition out of a fast-paced, post-pandemic recovery to a more stable environment. The White House’s claims come as Americans continue to be battered by inflation, which measured over 9% in June.

On Thursday morning, the U.S. Bureau of Economic Analysis released data showing that the U.S. economy shrank for the second straight quarter, satisfying the traditional requirement of a recession. Biden addressed the somber economic news in remarks opening a round table with business leaders and top administration officials, including Treasury Secretary Janet Yellen.

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