Biden's Recession Confirmed in Latest GDP Report

…The first GDP estimate for Q2 was released on July 28 and showed negative growth, -0.9 percent, for the period — that report made the Biden recession official by meeting the definition of two consecutive quarters of negative economic growth after real GDP decreased -1.6 percent in the first quarter. Thursday's number only confirmed that the United States, under Biden's "build back better" economic agenda, is in a recession.

That confirmation of a U.S. economy in recession comes as the Federal Reserve kicks off its meeting in Jackson Hole after levying a record-setting four consecutive increases to interest rates and inflation continues to run at a rate that outpaces wage growth by multiple percentage points. …






Read more bad news: https://townhall.com/tipsheet/spencerbrown/2022/08/25/bidens-recession-confirmed-in-latest-gdp-report-n2612225









No matter how people choose to frame it, we are in a recession. Bidens’ recession that he caused by his idiotic policies. The only issue now is how deep it will get before it improves if it does.

 

Let’s go Brandon! The only issue is how deep into the ground Biden drives the economy before congress changes hands and the cavalry arrives to save us.

 

The way you can look at it is this way. The First Quarter adjusted for 2022 was a negative 1.6% and the second quarter adjusted was 0.9%, or an improvement of positive 0.5%.

Second, I have not seen anything from NBER showing we are in a recession yet. According to NBER, they state the following "The NBER's definition emphasizes that a recession involves a significant decline in economic activity that is spread across the economy and lasts more than a few months. In our interpretation of this definition, we treat the three criteria—depth, diffusion, and duration—as somewhat interchangeable. That is, while each criterion needs to be met individually to some degree, extreme conditions revealed by one criterion may partially offset weaker indications from another. For example, in the case of the February 2020 peak in economic activity, the committee concluded that the subsequent drop in activity had been so great and so widely diffused throughout the economy that, even if it proved to be quite brief, the downturn should be classified as a recession."

So far, NBER has not identified this as a recession yet, if at all.

https://www.mprnews.org/story/2022/...zCVtIX5ztwuNC3ZPlrW62XjdwdHLg7MRoC9TwQAvD_BwE

https://www.nber.org/research/business-cycle-dating

https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions

 

Two consecutive quarters of negative GDP is 6 months and is the textbook definition of a recession, at least it was when Republican Presidents were in office. Of course we’ve grown to expect double standards and preferential treatment when democrats are in that position

 

How does the Biden Recession compare to the Trump recession?