The second quarter economic numbers for the United States were released on Thursday, and Joe Biden’s economy now meets the traditional definition of a recession: negative economic growth for two consecutive quarters.
The Gross Domestic Product contracted 0.9% in the second quarter, following the 1.6% contraction from the first part of the year.
The numbers, from the Bureau of Economic Analysis, meet the definition of a recession: two straight quarters of economic decline.
That’s even though the Biden White House for weeks now frantically has been trying to prevent that conclusion – mostly by redefining the term. Biden’s advisers have repeatedly said just because there’s two quarters of decline doesn’t necessarily make it a recession.
But the Examiner reported, “Thursday’s numbers indicate that the economy has been struggling to stay above water during the historic monetary policy tightening cycle by the Federal Reserve, which is trying to lower soaring inflation. Residential investment cratered, a sign of the housing market slowing as mortgage rates rise. Consumer spending on goods also turned negative.”
Actually, the most recent inflation number for Joe Biden’s economy was 9.1%, a massive surge that is hurting low to middle income families who are having difficulty meeting their food, fuel and utility costs because of exploding prices.
Brian Marks, of the University of New Haven’s Entrepreneurship and Innovation Program, told the Examiner the numbers were expected.
“It’s an estimate and we’ll see what happens, but it certainly does not come as a surprise,” he said.
The Examiner pointed out: “The Biden administration had been working to preempt the Thursday report, fearing it would turn out to be in the red. The White House released a blog post asserting that two consecutive quarters of negative growth doesn’t necessarily indicate the country is in a recession.”
But that definition has been in use for years.
It’s definitely a recession and soon to be a depression.
But this recession identifies as not a recession.
there is definitely a lot of depression at my house
People are really struggling financially. Every time you go to the grocery store, prices are up. The few cents that gas has come down isn’t a drop in the bucket. People are really hurting but Obiden and his cronies are like “They have no bread? Let them eat cake”!