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Joe Biden says no wonder economy is slowing, country on the right track

Joe Biden says ‘no wonder’ economy is slowing, country ‘on the right track’

President Joe Biden said it’s “no surprise” that the economy is slowing but that the country is on the “right path,” shortly after a government report was released that showed the economy contracted for the second consecutive quarter, reviving recession fears. In a statement, Joe Biden argued that the development was not unexpected given the “historic” growth in the nation’s gross domestic product last year and the Federal Reserve’s efforts to curb inflation.

Meanwhile, the House is poised to introduce legislation backed by Joe Biden that would provide $52 billion in subsidies to domestic semiconductor manufacturers and strengthen U.S. competitiveness with China and other countries in science and technology innovation. will invest billions. The Senate passed the “CHIPS bill” on Wednesday and is now looking to pass a separate economic package next week aimed at reducing health care costs, combating climate change and reducing the federal deficit. Joe Biden is expected to introduce the legislation during remarks from the White House on Thursday afternoon.

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