News Formal

Business Maverick: Biden Pegs U.S. Economic Contraction on ‘Technical Factors’

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 84%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

President Joe Biden blamed the first contraction of the U.S. economy since 2020 on “technical factors,” saying that employment, consumer spending and investment all remain strong.

“The American economy — powered by working families — continues to be resilient in the face of historic challenges,” Biden said in a statement. “While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of COVID-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength.”

The contraction came as a surprise, as economic forecasts projected growth of roughly 1%, presenting a fresh challenge for Biden and Democrats heading into the November midterm elections. Republicans seized on the report, charging that it shows Biden is leading the country into an economic recession. Biden said Republicans are seeking to fight inflation and other economic ills by raising taxes on “middle class families,” citing a plan put forth by Senator Rick Scott of Florida, who leads Senate Republicans’ campaign committee for the November midterm elections.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: India to Trim Mega Insurer IPO Size, Issue Opens Next WeekIndia chose to slash the size of its biggest initial public offering by about 60% and press ahead with the sale next week as investor demand wanes amid the war in Ukraine.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Cathie Wood Thanks Musk for Twitter Deal Despite Tesla Stock HitCathie Wood, a long-time champion of Elon Musk’s Tesla Inc., thanked him for his purchase of Twitter Inc. -- a move he said would unleash the site’s “tremendous potential.”
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Heathrow Sees Summer Travel Boom Giving Way to Winter FreezeLondon Heathrow airport raised its passenger forecast but warned that demand is likely to drop off later in the year as a summer boom gives way to a “winter freeze.”
Source: dailymaverick - 🏆 3. / 84 Read more »