BREAKING: GDP numbers are in and we’re in a RECESSION

by The Right Scoop

No matter how much the Biden White House denies it, the GDP numbers are in and we are officially in a recession.

The US economy has just seen its second consecutive quarter of contraction, which has always meant ‘recession’.

Via CNBC:

The U.S. economy contracted for the second straight quarter from April to June, hitting a widely accepted rule of thumb for a recession, the Bureau of Economic Analysis reported Thursday.

Gross domestic product fell 0.9% at an annualized pace for the period, according to the advance estimate. That follows a 1.6% decline in the first quarter and was worse than the Dow Jones estimate for a gain of 0.3%.

Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won’t make a judgment on the period in question for months if not longer.

But a second straight negative GDP reading meets a long-held basic view of recession, despite the unusual circumstances of the decline and regardless of what the NBER decides. GDP is the broadest measure of the economy and encompasses the total level of goods and services produced during the period.

Here’s a graph from CNN that shows the contraction:

 
Maria Bartiromo explains the overall numbers well and why the economy is absolutely in a recession:

I like how she summarizes the numbers, saying “3 million fewer people are working today than before the pandemic. We are producing less oil than before the pandemic. And we are no longer in growth mode. We are in a shrinking mode – the economy got smaller not just in the first quarter, but the second quarter as well.”

This is Joe Biden’s recession and no matter how much they lie about it, people know the truth because they feel it in their wallets. Worst president ever.

UPDATE: Darth Biden is trying to pull a sith lord mind trick this morning, claiming we are on the right path:


Comment Policy: Please read our comment policy before making a comment. In short, please be respectful of others and do not engage in personal attacks. Otherwise we will revoke your comment privileges.