Biden’s recession in America is growing, as a crucial indicator of economic output declined again in a second consecutive quarter.
The Commerce Department reported on Thursday that this quarter’s gross domestic product decreased 0.2 percent when adjusted for inflation. This reduction comes after last quarter’s decline of 0.4 percent.
For most people, though, the economic reality means more than redefining the word “recession.” America’s economic growth is slowing, businesses are pulling back and families are having a harder time keeping up with rising prices. This shouldn’t be shocking to anyone who is paying attention.
Simply put, Joe Biden is to blame.
Economists agree that while the current situation does fulfill the strict definition of a recession, the risk is growing.
A senior economist for Wells Fargo said, “We’re absolutely losing momentum, Income gains at minimum have struggled to keep pace with inflation, and that’s what is chipping away at people’s ability to spend.”
Biden and his regime, however, insist we are not in a recession. That Americans should not judge the economy by the GDP and inflation.
The White House press secretary, Karine Jean-Pierre, spent the last week warding off questions about the subject of the economy, consistently saying that a recession is “not the definition” of a second consecutive quarter of decline.
“No, we’re not redefining recession,” Jean-Pierre responded to Fox News White House correspondent Peter Doocy’s question: “If things are going so great though then why is it the White House officials are trying to redefine recession?”
She declined to explain the administration’s official definition, saying that they relied on “indicators” from the National Bureau of Economic Research (NBER).
On Monday, President Biden was questioned about his economic failures: How worried should Americans be that the country might be in a recession?
“We’re not going to be in a recession,” he replied.
It is the most recent challenge that President Biden is facing since taking office. The Biden Administration has tried and largely failed, to convince the American public that the economic recovery is more robust than most people think.
The President issued a statement, just after the GDP figure was released on Thursday, touting the strong labor market. Biden said that the nation is “on the right path and will come through this transition stronger and more secure”.
“Let me point out that GDP growth and price stability are two of the three goals of economic policy. The third is full employment,” he said, adding to an earlier statement that denied recession.
Practically all Americans are impacted by low growth and rising inflation. Only the additional 3% to 4% of the population who lose their work as a result of rising unemployment during a recession are affected by unemployment. Given that every American is experiencing an increase in prices on a daily basis, growth and inflation are the strongest metrics for measuring economic performance. There would be no opportunity for expansion for American households without growth.
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