On the menu today: Two consecutive quarters of declining GDP doesn’t sound like a recession to President Biden, and he emphasizes to Americans that Federal Reserve chairman Jay Powell said there are too many areas where the economy is preforming too well. You don’t realize how great you have it, foolish Americans! Meanwhile, more voices across the political spectrum wonder why Biden’s schedule is so light.

President Biden appears convinced he can just spin his way through bad economic news. His statement Thursday morning:

Passing the CHIP bill is going to put another $72 billion dollars for incentives and tax credits to expand semiconductor production. And the Inflation Reduction Act will add another $370 billion in clean-energy tax credits in reconciliation, including incentives to accelerate domestic production of solar panels, wind turbines, batteries, and critical-materials processing. That doesn’t sound like a recession to me.