On the recordJuly 28, 2022
Well, here we are. Reports this morning show that we have been in a recession here in this country. Unfortunately, since coming into office, the Biden administration has been in denial about the state of our economy. And I think our Minority Leader, Mr. McCarthy, just outlined, showed on the floor a little bit ago how the administration has been talking about the threat of inflation. They initially promised that it would be transitory. Then chief of staff insisted that inflation was only a high-class problem. And then President Biden, blaming everyone except himself for causing the record-high inflation that we see today. With inflation at 9.1 percent; the Fed raising interest rates again; and now, two consecutive quarters of declining GDP, Americans are rightly concerned that our economy is now in a recession. It will be interesting to see the White House's response because, up until now, instead of trying to solve the problem, the White House has, instead, in the previous few days, been trying to alter the definition of a recession. George Orwell warned that the government will one day tell you to reject the evidence of your eyes and ears. It is important that we identify the problem before we can solve it. ____________________





