Cole Statement on America Entering a Recession

Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after the Bureau of Economic Analysis reported that Gross Domestic Product (GDP) declined for a second consecutive quarter, which constitutes an economic recession. The U.S. economy shrank nearly 1 percent in the second quarter of this year and by 1.6 percent in the first quarter.

"Although President Joe Biden continues to deny our nation has reached the point of an economic recession, he can't hide from the numbers," said Cole. "Unfortunately, instead of admitting he was wrong about inflation being temporary, he and Democrats have unveiled their second bad Build Back Better bill that will once again drive up spending. Indeed, this spending and these exact policies are what has already gotten us into this mess, and as Americans struggle to afford to feed their families and fill up their gas tanks to make it to work, this is unconscionable.

"It is not lost on me that the Federal Reserve increased interest rates for a second time to try to stabilize sky-rocketing prices, but just as it was the first time, this move was too late. Our nation has already reached the point of recession and instead of focusing on policies that have already proven to cause this crisis, the president and Democrats need to get a grip on reality and work on helping the American people."

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