U.S. Senator Bill Hagerty (R-TN) denounced the Biden administration’s recent attempt to change the conversation on the economy and the potential of a recession with host Elizabeth MacDonald on Fox Business‘ The Evening Edit on Monday.
“It’s more spin coming out of the White House, Liz. I think you look at the estimates – what’s going to happen on Thursday, we’re going to probably read a negative 1.5 percent GDP growth. That’s another straight consecutive quarter-to-quarter decline,” said Hagerty.
“That is the technical answer for when we’ve hit a recession,” he added.
Hagerty said America has been on the “precipice of a recession under Joe Biden.”
“When you go to people in Tennessee, in my home state, and ask them what they’re feeling – prices at the pump like they’ve never experienced before, going to the grocery store with record-high prices there as well. You’ve got massive margin compression for corporate America,” said the senator. “You’ve seen the consumer price index at one level. You’ve seen the producer price index much higher. Again, that means margin compression, companies begin to go bankrupt at a much higher rate.”
“They have thrown us into a recession. The Biden administration is just trying to get out of it,” Hagerty added.
Hagerty told MacDonald that the “American public is losing right now” due to the Biden administration’s policies.
“We’re losing big and that explains those poll numbers that you’ve just recited. The American public’s far brighter than this,” he said.
“You know, they talk about forward-looking numbers, I talk with company owners every day. They’re hesitant to invest now. They’ve having a hard time finding employees,” said the senator. “The Biden administration wants to point to low employment, have them look at the actual workforce engagement numbers which are going down.”
“We have real problems in corporate America thanks to the policies that this administration has imposed,” Hagerty added.
The Gross Domestic Product, 2nd Quarter 2022 (Advance Estimate) will be released on Thursday by the U.S. Bureau of Economic Analysis.
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Aaron Gulbransen is a reporter at The Tennessee Star and The Star News Network. Email tips to [email protected]. Follow Aaron on GETTR, Twitter, Truth Social, and Parler.
Photo “Bill Hagerty” by Senator Bill Hagerty.
One term Dizzy, Bill Hagerty just sponsored more spending with the liberals and Never Trumper Mitt Romney. I guess Hagerty and Romney are having a reunion by supporting the large spending with the CHIPS bill while hard working Tennesseean’s are having to make tough decisions fuel or food or Medicine! RINO Hagerty is not in touch with Tennesseans. Hagerty is Washington DC swamp loyalists while Tennesseans are suffering!
Tennessee Star please ask Hagerty how much stock he owns in the Chip industry? Does he stand to make money as he has in the past on legislation? Does he have any conflicts in the chip industry?
That is great news that Bill Hagerty is talking about inflation! I wish the Tennessee Star would ask Hagerty about his investments as a Senator from Tennessee! Hagerty also failed to disclose his stock purchases this year. I would think that Tennessee Star readers would be interested in how Hagerty has made money while being in the senate. Tennessee Star editors, your conservative readers are high information readers/consumers! Liberals are low information readers like the New York Times and Washington Posts! Please ask the hard questions Tennessee Star, your readership and advertisers will grow and respect your reporting!