Joe Biden tried to pull one over on the American people.
But Joe Biden got busted.
And a 30-second video from Bill Clinton’s past just ruined everything for Joe Biden.
The accepted definition of a recession has historically been two consecutive quarters of negative economic growth.
During the second quarter of 2022, Gross Domestic Product (GDP) dropped by 0.9 percent.
Since this was the second consecutive quarter of negative economic growth, it means the economy is now officially in a recession.
However, Joe Biden and his allies in the press tried to gaslight the American people into believing the lie that the economy was fine by changing the definition of the word recession.
Joe Biden even addressed the American people from the White House, where he reported misleading numbers about the semiconductor industry and said that “doesn’t sound like a recession to me.”
Biden stated:And just last week, it had — SK corporation of the Republic of Korea announced $22 billion in new investment in semiconductor batteries, chargers, and medical devices, creating another 16,000 jobs here in America.
And this is powering the strongest rebound in American manufacturing in over three decades, creating 613,000 — 613,000 manufacturing jobs.
Passing the CHIPS bill is going to put another $72 billion for incentives and tax credits to expand semiconductor production. And the Inflation Reduction Act will add another $370 billion in clean energy tax credits in reconciliation, including incentives to accelerate domestic production of solar panels, wind turbines, batteries, and critical materials processing.
That doesn’t sound like a recession to me.
But Biden’s lie was soon debunked by an old video that surfaced of former President Bill Clinton.
Then-President Clinton hosted a White House discussion with President-Elect George W. Bush on December 19, 2000, just after Vice President Al Gore contested the election results in Florida all the way to the Supreme Court.
Even though every recount found Bush in the lead, Gore attacked democracy and spread the big lie that he won Florida and the Presidency.
During the meeting between Clinton and Bush at the White House, Clinton said on camera that a recession was defined by two consecutive quarters of negative economic growth.
Joe Biden lied to the American people.
The media helped him parrot the lie.
But since the economy declined for two consecutive quarters, America is now in a recession whether Biden calls it one or not.
Even Bill Clinton once accepted this definition as fact.[/quote
_ not until the Clinton administrations did the country start experiencing such economic proliferations- record low unemployment levels,and phenomenal GDP's.
....once again,Biden did not speak out of turn.Clinton spoke of a definition of a recession in a different era,before the country had realized such phenomenal economic dispositions as a labor force of approximately 160 million ,record low unemployment levels of 3.6% .You don't compare today's economies with past economies, for one, some economic experts contend that we can't experience a depression again ,due to a different type of economy and certain fail safes that are in place - therefore the numbers that says recession, can't be applied to today's economy if anything the economy ( and GDP) would have regressed back to not so phenomenal levels that we could live with then ,and did, and assumed we were doing well - a key indicator as to when the economy is always reflected in the unemployment rate,it is not at recession levels,since that many( afforementioned) people working potentially will produce or turn out a porpotional amount goods and services,that means that there is a potential growth of GDP,. it is just a matter of time, before these to items corrdinate their selves and the economy is once again proliferating.
What you and a lot of Trumpsters / mouseketeers, don't realize is that this is not your typical recession and was brought about by un natural circumstances,inflation came about,not because of human CEO malfeasancing business people,but because of a pandemic and a ill conceived war, also,businesses are raising the price of goods and services to make up for losses incurred, (and some are price gouging due to greed) because of the great shutdown and quarantine of 2020,2021,[/quote]
Severe and Profound.