A man shops at a supermarket on Wednesday, July 27, 2022, in New York. The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. (AP Photo/Andres Kudacki)
UPDATED 7:54 AM PT – Tuesday, August 2, 2022
A video of former President Bill Clinton defining a recession was highlighted by GOP lawmakers as the Biden administration attempts to redefine the term. Sen. Ted Cruz (R- Texas) posted the video of Clinton on Saturday with the comment ”Bill Clinton was right.”
The video from December 2000 shows the former President defining recession by its common definition after being asked about his fears of an oncoming recession. This quote resurged decades later as the Biden administration refused to describe the current state of the economy as being in a recession. Despite last weeks GDP report, which showed a second consecutive quarter of negative growth, the administration has attempted to redefine the qualifications needed for a recession.
Meanwhile, a video of House Speaker Nancy Pelosi (D- Calif) talking about the “technical definition of recession” has reemerged from July 2008. The video, which resurfaced after last weeks GDP report release, also shows the top Democrat agreeing two quarters of negative growth does, in fact, suggest there is a recession. Pelosi is now distancing herself from her previous definition and is trying to downplay the current state of the economy under President Biden.
The 45th President also chimed in on the matter while taking to his social media app, Truth Social. Donald Trump suggested the Democrat proposed tax increase would violate Biden’s promises. He noted, “Big Tax increase for all Americans being pushed by Democrats. This is the opposite of the Biden pledge!”
His statement comes after a senatorial committee on taxation discovered that taxes would rise for people making $30,000 and up per year. This comes despite Biden’s previous promises that taxes would only increase for top earners. Trump believes that the tax increase is coming amid an economic recession and that an increase would lead US manufactures to flee the country, which would result in Americans suffering even more.