The numbers don’t lie —but Joe does.

President Joe Biden released a statement following the announcement that the U.S. economy shrank 0.9% last quarter; Joe says he’s not surprised and we’re still seeing historic growth.

“Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said in a statement Thursday. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.”

Biden also said the job market “remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone.”

“Consumer spending is continuing to grow,” Biden added.

“My economic plan is focused on bringing inflation down, without giving up all the economic gains we have made,” Biden said. “Congress has an historic chance to do that by passing the CHIPS and Science Act and Inflation Reduction Act without delay.”

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