MILTON FRIEDMAN ISN’T RUNNING THE SHOW ANYMORE: Biden ‘Not Concerned about Recession,’ Touts ‘Enormous Growth’ after Economy Shrinks in First Quarter.
President Biden attempted to allay concerns about the performance of the U.S. economy on Thursday after the Commerce Department announced that the economy shrank over the first quarter of 2022.
“I’m not concerned about a recession,” Biden told reporters at a press conference at the White House.
“I mean, you’re always concerned about a recession, but the GDP, you know, fell to 1.4 percent,” Biden added. “But here’s the deal: we also had last quarter consumer spending and business investment and residential investment increase at significant rates,” and “unemployment’s the lowest rate since 1970.”
Biden said that the U.S. was seeing “enormous” economic growth alongside Covid disruptions.
Earlier: How Bad Will the Biden Recession Be?
(Classical reference in headline.)