The United States is entering a recession: GDP contracted by 0.9% in Q2, the second negative quarter in a row.
Biden releases GDP statement that omits the word ‘recession’
- While the U.S. economy contracted for the second straight quarter according to preliminary estimates, President Joe Biden released a statement Thursday morning that did not include the word “recession.”
Source: washingtonexaminer.com
Welcome To The Biden Recession: Q2 GDP “Unexpectedly” Shrinks 0.9%, 2nd Consecutive Decline
BY TYLER DURDEN
THURSDAY, JUL 28, 2022 – 08:40 AM
Considering the dismal Atlanta Fed GDPNow prints in recent weeks, and considering the full-court press by the Biden admin to change the definition of recession, it will hardly be a surprise but in any case moments ago the Bureau of Economic Analysis confirmed what everyone has long known and that is that the Biden economy is now in a technical recession: the first estimate of Q2 GDP came in at -0.9% (technically -0.930%) far below the 0.5% consensus forecast (but right on top of the Atlanta Fed -1.2% tracker), and while an improvement from Q1’s -1.6%, this was still the second consecutive quarter of declining GDP which as far as the markets are concerned at least, is the definition of a recession.
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Biden’s statement on the shrinking US economy:
“We are on the right path.”
Powell warns that path to avoiding recession has ‘narrowed’ as Fed hikes rates
- Still, Powell said that while the rate hikes “have been large and they’ve come quickly,” it’s likely that “their full effect has not been felt by the economy.”
Source: politico.com
- Jerome Powell, the Fed, and Joe Biden are in a pickle. They can either try to fight record high inflation by raising interest rates which will destroy the economy for good, or leave rates alone which will result in even higher inflation. It looks like either way, Powell and Biden(Obama) have no answers.
Source: thegatewaypundit.com
Remember when they (Bernanke) said:
There is no inflation
Inflation is transitory
The fake news said inflation is good for you and it hurts the rich
Why inflation can actually be good for everyday Americans and bad for rich people
Inflation is consumers’ fault, so we are going to stop people from spending
Inflation is Putin’s fault
Recession is not really a recession it means something else completely, plus we are not in a recession
Next they will say
Being laid off allows you to do things you always to do…
Soup and Breadlines are good, you get to meet people
They know their time is short so they plan to F up everything they can before this puppet show ends