President Joe Biden released a statement after the Bureau of Economic Analysis announced the second quarter of a decline in the GDP, which is considered the key sign of a recession, as RedState reported earlier Thursday morning.

Although Biden admitted that economic growth was slowing, the president took a more optimistic approach to the news, and even said that “We are on the right path.”

In addition, the president called on Congress to pass the CHIPS and Science Act, which is a $280 billion bill that promotes semi-conductor production, and the $370 billion Inflation Reduction Act, which is backed by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin.

Here’s his full statement:

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. 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. Our 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. Earlier this week, I met with the Chairman of SK Group from Korea, just one of the companies investing more than $200 billion in American manufacturing since I took office, powering a historic recovery in American manufacturing.

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

It’s out-of-touch for the president to say that the right course of action is being taken and that the U.S. “will come through this transition stronger and more secure” when 88 percent of Americans say the country is on the wrong track, according to a recent Monmouth University poll. In that same poll of 978 adults from June 23 to June 27, 42 percent of them said they are “struggling to remain where they are financially.”

The president should not gaslight Americans into thinking the economic situation is better than it is because he’ll end up embarrassing the entire administration when the National Bureau of Economic Research officially calls it a recession.

By contrast, some Republican lawmakers are not hesitating to say the U.S. is in a recession despite it not being official by the traditional standard yet.

“This morning, the government announced what every American has been feeling for nearly a year, we are in a recession,” House Minority Leader Kevin McCarthy (R-Calif.) said on the House floor Thursday morning.

.@GOPLeader Kevin McCarthy: "This morning, the government announced what every American has been feeling for nearly a year, we are in a recession."

Full video here: https://t.co/VWROHCm6zP pic.twitter.com/tkvlHp5x1R

— CSPAN (@cspan) July 28, 2022

It should be obvious that Americans do not need particular phrasing or declaration to know that the economy is poor and they’re pinching pennies. In the U.S., people should be able to move up the socioeconomic ladder and not just struggle to stay afloat. Biden’s statement should not be reassuring to anybody but the ultra-wealthy, who will not be largely impacted by the current economy.