Again, thanks to Biden…
On Friday, the US economy officially entered its third quarter of negative GDP growth, signaling the onset of a new recession.
Atlanta Fed GDP Now -1.0%
That would make back to back negative quarters.*
Are we already in recession?*Don’t get our panties in a bunch I know NBER will cull it a year from now 😁 pic.twitter.com/DODl4ewZQZ
— Charles V Payne (@cvpayne) June 30, 2022
The Federal Reserve Bank of Atlanta report says:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.0 percent on June 30, down from 0.3 percent on June 27. After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth decreased from 2.7 percent and -8.1 percent, respectively, to 1.7 percent and -13.2 percent, respectively, while the nowcast of the contribution of the change in real net exports to second-quarter GDP growth increased from -0.11 percentage points to 0.35 percentage points.
This is the first dip into negative territory and it’s a big dip. Following 1.5 percent in Q1, a negative GDP reading in Q2 would signal a technical recession.
Forbes reported that the average U.S. recession from 1945 to 2009 lasted 11 months, according to the National Bureau of Economic Research (NBER), which tracks recessions in the country over time using real personal income fewer transfers, nonfarm payroll employment, employment as determined by the household survey, real personal consumption expenditures, wholesale-retail sales adjusted for price changes, and industrial production.
“A recession is the period between a peak of economic activity and its subsequent trough, or lowest point,” NBER stated. “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.”
Well, this report normally influences the market, with all eyes suddenly focused on growth and Democrats are obviously misrepresenting the collapse in some absurd way.
As Nancy Pelosi and her team wrote on Twitter, “Two weeks ago, Democrats took action to bring down inflation for US consumers by taking on shipping cartels that raised their rates by up to 1000% over the pandemic.
Since the bill was introduced, rates have gone down steadily — even faster since it became law. #DemocratsDeliver”
My g*d. They’re taking credit for the decline in shipping rates which is actually being caused by the yet-to-be-declared recession. https://t.co/f6HncgZkqz
— Greg Pollowitz (@GPollowitz) July 1, 2022
Like what? and not only that the White House keeps insisting that nothing is wrong while spreading the myth that Biden is to not blame for the country’s unprecedented economic recovery and in fact, Biden has prompted a historic economic recovery, again, they all promoting delusions.
Stephen Moore, an economist and visiting Heritage Foundation fellow, stated on Monday’s episode of “Varney & Co.” on Fox Business that the “first half of the year has been negative for growth,” and that he believed the United States was currently in a mild recession.
Moore said on Fox Business, “Then when you add to that the fact that people’s incomes in real terms are falling really fast, something like $2,000 to $3,000 a year, that’s a recession,”
“So yeah, we’re in a recession,” he added.
Watch it here: Youtube/Bloomberg Markets and Finance
Sources: Dailycaller, Fxstreet, Seekingalpha, Atlantafed