President Joe Biden on Thursday responded to a report showing the economy shrank for a second consecutive quarter, which by some definitions, means the United States has technically entered a recession.
The Bureau of Economic Analysis said Thursday that gross domestic product, or GDP, shrunk 0.9 percent at an annualized pace for the second quarter, following a 1.6 percent decline in the first quarter.
“Coming off of last year’s historic economic growth–and regaining all the private sector jobs lost during the pandemic crisis–it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said in a statement after Thursday’s figures were released. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.”…