July 29, 2022
Buckle down, the Biden recession has arrived
By Chris Talgo
On July 28, the Bureau of Economic Analysis released the second quarter GDP report, which showed, “Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter.”
Among the “highlights” of the report, “The second quarter decrease in real GDP reflected decreases in inventory investment, housing investment, federal government spending, state and local government spending, and business investment. Exports and consumer spending increased. Imports, which are a subtraction in the calculation of GDP, increased.”
And, perhaps most importantly, the report documented, “Real disposable personal income (DPI) -- personal income adjusted for taxes and inflation -- decreased 0.5 percent in the second quarter.”
In other words, the second quarter GDP numbers were abysmal across the board. Moreover, according to the classic definition of a recession -- two consecutive quarters of negative GDP growth -- the report confirms that the U.S. economy has entered into a recession.
Of course, the bad economic news comes on the heels of the Biden administration’s recent attempts to redefine what constitutes a recession.
more
https://www.americanthinker.com/blog/2022/07/buckle_down_the_biden_recession_has_arrived.html
