U.S. Senator Bill Hagerty (R-TN) denounced the Biden administration’s recent attempt to change the conversation on the economy and the potential of a recession with host Elizabeth MacDonald on Fox Business‘ The Evening Edit on Monday.
“It’s more spin coming out of the White House, Liz. I think you look at the estimates – what’s going to happen on Thursday, we’re going to probably read a negative 1.5 percent GDP growth. That’s another straight consecutive quarter-to-quarter decline,” said Hagerty.
“That is the technical answer for when we’ve hit a recession,” he added.
Hagerty said America has been on the “precipice of a recession under Joe Biden.”
“When you go to people in Tennessee, in my home state, and ask them what they’re feeling – prices at the pump like they’ve never experienced before, going to the grocery store with record-high prices there as well. You’ve got massive margin compression for corporate America,” said the senator. “You’ve seen the consumer price index at one level. You’ve seen the producer price index much higher. Again, that means margin compression, companies begin to go bankrupt at a much higher rate.”
“They have thrown us into a recession. The Biden administration is just trying to get out of it,” Hagerty added.
Hagerty told MacDonald that the “American public is losing right now” due to the Biden administration’s policies.
“We’re losing big and that explains those poll numbers that you’ve just recited. The American public’s far brighter than this,” he said.
“You know, they talk about forward-looking numbers, I talk with company owners every day. They’re hesitant to invest now. They’ve having a hard time finding employees,” said the senator. “The Biden administration wants to point to low employment, have them look at the actual workforce engagement numbers which are going down.”
“We have real problems in corporate America thanks to the policies that this administration has imposed,” Hagerty added.
The Gross Domestic Product, 2nd Quarter 2022 (Advance Estimate) will be released on Thursday by the U.S. Bureau of Economic Analysis.
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Aaron Gulbransen is a reporter at The Tennessee Star and The Star News Network. Email tips to [email protected]. Follow Aaron on GETTR, Twitter, Truth Social, and Parler.
Photo “Bill Hagerty” by Senator Bill Hagerty.
