WATCH: Old clip of Bill Clinton disagreeing with Biden on inflation
a Clips of former President Bill Clinton defining the recession as “two quarters in a row” of economic contraction are circulating on social media, and Republicans are using it to take a dig at President Joe Biden.
The video shows the then-president visiting the White House in December 2000, President George W. Bush was shown answering pooled press questions. When asked about his fears of a possible recession, Clinton responded by defining the term: “Well, a recession is two quarters in a row of negative growth.”
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Sen. Ted Cruz retweeted the clip With the caption on Saturday: “Bill Clinton was right.”
Clinton’s otherwise generic remarks have taken on new meaning in recent weeks, as the Biden administration has attempted to avoid using the term to describe the current economy.
Although a recession is usually defined by two consecutive quarters of negative GDP growth, administration officials have disputed the definition in an apparent divergence over the country’s current financial woes. The country’s GDP fell at a 1.6% annual rate in the first quarter and by 0.9% in the second, meeting the common definition of a recession. Despite this, the administration is working hard to argue that this is not really the case.
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As projections concluded that the US economy contracted for the second straight quarter, Biden issued a statement that did not include the word “recession.”
Biden’s statement, released on Thursday, said, “Away from last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it is no surprise that the economy is slowing because The Federal Reserve acts to reduce inflation.” , “But while we are facing historic global challenges, we are still on the right track and we will come through this transition stronger and more secure.”