Denver, CO — Political outsider, successful business leader, and Republican nominee for U.S. Senate Joe O’Dea issued the following statement following the devastating Q2 GDP report published this morning showing the U.S. economy has plunged into a recession.
GDP growth declined 0.9%. For the second consecutive quarter the economy shrank, 0.2% in the second quarter. Despite the Biden Administration’s spin, this data demonstrates the economy is in recession.
“This is what happens when politicians like Michael Bennet and Joe Biden engage in reckless government spending. Even though economists warned Biden that his policies would worsen inflation, Biden went ahead anyway and Bennet supported him all the way,” said Joe O'Dea. “We need common sense, not politicians who put party over country every step of the way. Working families deserve better.”
Congress passed a $900 billion economic stimulus package in December 2020, after additional spending earlier in the year. Still, Joe Biden pushed Congress to pass the $1.9 trillion spending package, the American Rescue Plan. Michael Bennet applauded this decision.
This reckless spending worsened inflation, and Biden and Bennet went ahead despite warnings from economists.
Then, Biden pressed Congress to pass another multi-trillion dollar spending package, Build Back Better. Michael Bennet, again, expressed his support for the package, putting the interests of the Democratic Party over the interests of the country.
U.S. inflation reached 9.1% in June, the highest in nearly 41 years, breaking expectations. Core inflation, which excludes food and energy prices, also came in worse than expected. Small businesses have never been more pessimistic about the future of the economy. Coloradans are currently paying $4.51 for gas alone, still higher than the national average of $4.28.
Learn more about Joe O’Dea’s campaign here.
Original source can be found here
