Joe Biden inherited a booming economy from Former President Donald Trump only to destroy it two years later.
Despite constant attempts by the Biden administration to change its definition, the U.S. has officially entered a recession.
A damning report from the Bureau of Economic Analysis was released Thursday morning. It showed that America’s GDP fell at a 0.9% annualized rate, marking the second straight quarter of decline, which happens to be the technical definition of a recession.
The federal government has spent an obscene amount of money since Joe Biden assumed office. Between COVID relief spending and military aid to Ukraine, the U.S. economy has struggled to stay above water since the Biden administration began unleashing their progressive agenda.
Americans have grown incredibly frustrated by the lack of transparency in the Biden administration as officials still won’t even admit there’s a problem.
The White House preempted the release of Thursday’s report in the hopes of mitigating backlash from voters, but many Americans have seen past their lies.
White House press secretary Karine Jean-Pierre insisted that the “technical definition” of a recession is not two consecutive quarters of declining GDP, and Biden’s chief economic advisor is signing the same tune.
Meanwhile, in 2008, Brian Deese seemed to accept the working definition of a recession, which just proves how desperate the White House has become to bury the facts.
Brian Deese, yesterday: "Two negative quarters of GDP growth is not the technical definition of recession.”
Deese, 2008: “Economists have a technical definition of recession, which is two consecutive quarters of negative growth.” pic.twitter.com/MzVk7drq3v
— RNC Research (@RNCResearch) July 27, 2022
The Federal Reserve has reacted to Bidenflation by once again raising interest rates. On Wednesday, bankers announced they would increase rates by unprecedented three-quarters of a percentage point after doing the same last month.
On Wednesday, following a two-day meeting, the Federal Open Market Committee announced it would increase its interest rate target by three-quarters of a percentage point. The central bank typically raises rates by just a quarter of a percentage point, so the move was akin to three simultaneous rate hikes and speaks to the desperation of officials who want to bring prices down.
The labor market is also in shambles as average wages are not able to keep up with price hikes on consumer goods. American workers are struggling to stretch their dollar as more and more money flies off the printing press.
Democrats, however, seek to combat inflation by doubling down on the same policies that got us here in the first place. Their answer is to keep spending on a federal level in the hopes that injections of cash with restart a stagnate economy — but everyone knows that’s not how it works.
Author: Nolan Sheridan
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