President Biden addressed the nation Thursday after a key economic indicator showed the country entering a recession, telling the public that country is actually experiencing “historic growth.”

“Let me speak to one other issue: the GDP and whether or not there we are in a recession. Both Chairman Powell and many significant banking personnel and many economists, say we’re not in recession,” claimed the Commander-in-Chief.

Read the President’s full remarks below:

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.