President Joe Biden claimed Friday that good economic news would give Democrats a boost in the midterm elections, despite bad inflation and GDP figures.
“It’s been back and forth with them ahead, us ahead, them ahead, back and forth. And the polls have been all over the place,” Biden said during a White House event. “I think that we’re going to see one more shift back to our side in the closing days. And let me tell you why I think that. We’re starting to see some of the good news on the economy.”
The Consumer Price Index increased 8.2% year-to-year in September after rising by 8.3% in August, 8.6% in July, 9.1% in June and 8.5% in May. The economy shrank by 0.6% in the second quarter of 2022, according to revised estimates released in August, following a 1.4% decline in gross domestic product (GDP) in the first quarter.
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Two consecutive quarters of decreases in GDP is a traditional milestone of defining a recession, according to Investopedia.
“Gas prices are down sharply in 46 of the 50 states because of what I’ve been doing. We’re moving in the right direction. There’s more to come,” Biden claimed. “State unemployment today — state unemployment was at all time lows in 11 states and 17 states have unemployment rates under 3%.”
A gallon of gas costs an average of $3.82 according to AAA, up from $3.369 a year ago and $2.1218 on Nov. 3, 2020.