Biden says we're 'on the right path' after economy shrinks for second straight quarter
President Joe Biden delivers remarks on the Inflation Reduction Act in the State Dining Room at the White House on Thursday, July 28, 2022, in Washington, D.C.. - Yuri Gripas/Abaca Press/TNS

President Joe Biden insisted the country is “on the right path” on Thursday even after the economy shrank for the second straight quarter and inflation rages at a nearly 40-year high. Taking credit for record job growth, Biden said the slowing economy was actually a sign of a healthy cooling down after the post-pandemic boom that helped trigger global price increases. “It’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said in a statement. “But even as we face historic global challenges, we are on the right path and we will come throug...