The Republican lawmaker retweeted a video clip of Clinton sitting at the White House on December 19, 2000, alongside incoming Republican President George W.
Asked regarding his fears of a forthcoming recession, Clinton answered, "Well a recession is two quarters in a row of negative growth."
"Bill Clinton was right," Cruz wrote on Twitter.
It arrives as the Biden administration proceeds to deny that the US economy is in a recession, despite shrinking for a second quarter late last week.
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President Joe Biden and his officials point to metrics like record job growth and steady levels of consumer spending to claim that the nation is not yet in a recession - and previously arguing that such a downturn is not inevitable.
With only 100 days left before the 2022 midterms elections, voters share their frustration with the economy. A vast majority claim that inflation will play an important part in how they cast their ballot in the November midterm elections.
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The economy overall is voters' top matter going into the midterms, while inflation is a close second, according to a CBS News/YouGov Battleground Tracker survey issued Sunday.
A combined 95 percent of voters say the matter is essential to them in how they will vote – with 79 percent saying the issue is "very important" and another 16 percent stating it is "somewhat important."
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Just 5 percent of voters explained that inflation is not important to them when casting their ballot.
The Clinton clip shared by Cruz on Saturday shows the former president giving an optimistic opinion of the economy under Bush's stewardship in a show of bipartisanship that's less familiar in Washington today. He claimed that negative GDP growth after a period of substantial gains is not uncommon - similar to the Biden administration's reasoning regarding the economy's rebound from the COVID-19 pandemic.
'I think there will be things to be managed and there'll still be economic challenges, and y'all give to give him a chance to meet them and not figure it all out in advance," Clinton explained to reporters of his Republican successor.
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Biden has met denunciation from both sides of the aisle for being slow to react to Americans' increasing financial burdens.
From calling inflation"transitory" in the summer 2021, to denying there is a recession despite two-quarters of negative economic growth, multiple polls have revealed US voters feel that the president is disconnected from their struggles.
A recent CNN poll discovered that only 30 percent of Americans approve of how he's handling the economy and almost 7 in 10 don't think the president has paid attention to the nation's worst matters.
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