U.S. Sen. Marco Rubio released a video Thursday warning that President Joe Biden has brought the United States into recession after the Gross Domestic Product declined 0.9% in Q2 2022, a second straight quarterly drop.
“Just now, the numbers came up, and our economy shrunk for two quarters in a row,” Rubio said. “In the first half of this year, the American economy shrunk.”
“What’s happened is what we knew would happen,” Rubio contended. “We are now in a Biden recession,” warned the Senator in a 66-second monologue released on his Twitter account.
Rubio offered some historical overview, saying that in 2021 he said he would not cast a vote for Biden’s “$1.9 trillion spending plan they called COVID relief.”
“It was the wrong time to do it,” Rubio maintained. “We had just spent a lot of money at the end of (2020) to help with COVID relief, but on top of that we had supply chain shortages.”
“There was not enough things to buy. And if you put more money on the street to chase fewer things, you’re going to get price increases. Dramatic price increases. That’s called inflation. And that’s what happened.”
Rubio also noted the rise in interest rates in recent months, “which means everybody, especially working families, are paying more on the money they owe on their credit card.”
“Any debt that they have,” Rubio added, “they’re paying more on interest.”
Banks, meanwhile, are “hoarding cash” in preparation for what is to come.
“They’re holding onto money because they’re expecting a bunch of corporate defaults,” Rubio said. “Corporations unable to pay the money that they owe.”
“We’re starting to see layoffs tick up,” Rubio added. “Companies beginning to lay off workers.”
Ahead of the release of the numbers, President Biden expressed his hope that America was not in a recession. But the numbers tell a story of a shrinking economy, one that Rubio will tell in his re-election campaign this fall.
The #BidenRecession is here
Consumers are paying more interest on debt
Banks hoarding cash expecting corporate defaults
Companies are starting to lay off workers
And just now new numbers reveal our economy shrank again at a rate far worse than expected pic.twitter.com/VLhkmkxbzL
— Marco Rubio (@marcorubio) July 28, 2022