By Casey Harper | The Center Square
U.S. gross domestic product decreased by 0.9% in the second quarter of 2022, according to new data from Bureau of Economic Analysis, signaling the start of an economic recession in the U.S.
“The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures…” the BEA said Thursday.
President Joe Biden
Economists have warned for months that a second consecutive quarter of negative GDP growth would officially signal the U.S. has entered a recession. GDP also shrank in the first quarter of 2022, by 1.6%.
In anticipation of these numbers, the White House in recent days has insisted there is no recession, questioning the standard definition of two consecutive quarters of negative GDP growth.
“As Secretary [Janet] Yellen said on Sunday, two negative quarters of GDP growth is not the technical definition of recession,” Brian Deese, Biden’s director of National Economic Council, told reporters this week. “It’s not the definition that economists have traditionally relied on.”
Critics blasted the Biden administration, arguing it was reframing the data for political purposes.
“Question: Out of the past 10 times the U.S. economy has experienced two consecutive quarters of negative economic growth, how many times was a recession officially declared?” Michael Strain, director of Economic Policy Studies and senior fellow at the American Enterprise Institute, wrote on Twitter. “Answer: 10.”
Notably, Google’s dictionary in conjunction with Oxford Languages defines recession as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”
Despite pushback from critics, the White House has continued to argue the definition of recession.
“But from the President’s perspective, putting that technical question aside, the most important question economically is whether working people and middle-class families have more breathing room, they have more job opportunities, their wages are growing up — going up in a — in a stable way, and they’re able to afford the important things in their lives…” he added.
But 41-year high inflation has surpassed wage growth.
Those concerns have been top of mind for Americans as gas prices hit record highs last month before dipping down, though gas prices still are at levels much higher than the same time last year.
Meanwhile, the latest federal inflation data showed consumer prices rose 9.1% in the previous twelve months while the U.S. Bureau of Labor Statistics’ producer price index rose 11.3% in the same time.
The hypocrisy of the left continues on. I highly recommend watching this Tucker Carlson segment. He nails the Biden administration to the wall and repeatedly shows how some in the media and Biden’s lackeys lie through their teeth.
https://www.youtube.com/watch?v=2TdRdn6BqrA&t=6s
It will be a miracle if America makes it to the 2024 elections.
Not to worry folks the white house SPOX Latrine Jean first black gay immigrant
has assured us that the 2 consecutive months of negative growth that has always been used is not the REAL definition of recession …even the potato head puppet
said he didn’t see it that way too. So just relax everything is fine.. so fine lets spend
a few more billion on some useless thing like Ukraine war or give some more strategic oil to China.. If you can’t fix it just redefine it…commie logic 101
The USA had better take heed here, because a charade like the one we are in cannot be repeated. Repeated, because the country cannot survive with any such replication
ever again. All of these efforts to put us where we are today, with a lot of help from Soros, China and some others have very nearly done us in.
This whole story of interference with process, and everything crooked in elections needs sorting out and become a part of mandated U S History and Civics courses in our schools, lest we become a satellite of some other nation. This next election (Nov) will set the tone for the coming years, because we are at a turning point. Wake up folks, and become part of the solutions. To not be involved, is a path to being a continuation of the problems.
This is what you get when you have an Illegitimate Administration and a feckless inept
so-called leader of the free world………….. Those who are pulling his strings need to be
held accountable ” Gitmo ” has room for traitors !!
Wake up people, vote these fools out, and that includes Biden supporter Phil Scott, yes
another feckless so-called leader………… how pathetic !!
Well what did we expect from this administration…apology, taking responsibility? that will not happen, skewing the definition is part and parcel with this admin. I am not R, D or I, I vote for who I think will do a good job. It wasnt this admin, nor will it be …….
I think I’ll be choosing a R ticket this time around…..because I have to “be” one of the 3, though in every other walk of life now; I can be any damn thing I want………
put all names on 1 ballot ……I say……save a tree or thousands of them. make that be your carbon damn footprint reduction mechanism……..
Remember when Phil Scott said he voted for Biden because he had to “put country over party”?
It turns out that the country CCP-“Friendly” Phil elevated by voting for CCP-puppeteered Biden – and by subsequently supporting election theft by lying that “only legal votes are being counted,” “it was a free, fair and legal election,” and calling for the removal of the lawfully elected President when Biden regime blatantly stole the election – was China, not the United States.
https://m.youtube.com/watch?v=g8M7MSVSQ_s