America has officially entered the Biden Recession
Washington, D.C., July 28, 2022
📛 America has officially entered the Biden Recession. Not that there was any doubt, but this morning it was confirmed.
Now we know why the White House has been in overdrive lately trying to redefine the common definition of the word recession. More on that in a second.
But first, according to data released this morning, our economy shrank during the quarter from April through June. That is the second consecutive quarter with a decline in Gross Domestic Product (GDP), which means a recession.
This is awful news. In oversimplified terms, GDP measures the value of economic activity of companies, people, and government. A positive GDP represents a growing economy, while a negative GDP – which is what we’ve had for the last six months – means a contracting economy. People are spending less, companies are producing less, etc.
Leading up to this morning’s news, White House spin doctors have been all over television trying to say, “Well, even if the economy has contracted, we aren’t ~technically~ in a recession because of…” whatever. Friends, they can cherry pick random data points all day long, but that doesn't change the commonly accepted meaning of the word recession.
⚠️ On a side note: when you have either a stagnant or declining economy coupled with rising inflation, many would call “stagflation.”
Meanwhile, Democrats in the Senate yesterday announced they reached some type of deal to resurrect their massive Build Back Broke tax & spend plan which, if passed, would only pour more fuel on the inflation fire. We are in economic decline with liberals in full control of the White House and both chambers of Congress. This will only make matters worse. I will obviously oppose that bill if it reaches the House.