It's official! We are in Biden's Recession after today's second quarter of negative growth in our GDP. The economy shrank by 0.9% adding to the first quarter negative number of 1.6%.
For around a week now, the White House has been trying to redefine how you measure a recession - they even wheeled out an Administration official on my show to try and convince us that it wouldn't be a recession even if there was a second quarter of negative growth.
In fact Jared Bernstein of Biden's Economic Advisory Committee told us that they expected a very small rise in GDP - as much as 0.5% - so that means today's number is in fact even worse.
The bottom line here is that the last ten times - going back to 1948 - that the country experienced a recession, it was preceded by two quarters of negative growth. Oh and despite telling us we were not going into recession, Biden released a statement today saying the GDP downturn was "no surprise"! Can't make this up!
But does it matter? To you and me, we don't care if we are officially in a recession or not in my opinion. We care that we are making choices about pumping gas or buying food. Maybe we are buying lower quality food? Some are making choices between food and medicine.
This is Biden's recession, but we are the ones paying the price with 9.1% inflation on top of everything else. Recession may mean people will lose their jobs as again yesterday, the Fed raised it's rate by .75 basis points.
But do you care that we are in Biden's recession or is it just about paying the bills?
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