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Home Economy

U.S. Enters Recession After Second Consecutive Quarter of Economic Decline

The Biden Administration has attempted to redefine the longstanding definition of recession

by Cullen McCue
July 28, 2022
in Economy
Biden Blames Tucker Carlson for Buffalo Massacre
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Last Updated on July 28, 2022

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According to most longstanding definitions of a recession, the U.S. has officially entered one after a second consecutive quarter of GDP decline. Despite the longstanding definition, the Biden Administration and its corporate media allies have attempted to argue that the U.S. is not yet in a recession.

After quarter one saw a GDP decline of -1.6 percent, quarter two GDP figures have now been released. The second quarter saw a drop of -0.9 percent, which officially lands the United States in recession territory based on the accepted definition perpetrated by modern economics.

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Despite the Biden Administration’s attempts to redefine, every single period of two-straight quarters of negative growth in modern history has been declared a recession.

A number of corporate media outlets have followed the administration’s lead in attempting to explain how this particular decline does not represent a recession. Paul Krugman of the New York Times attempted to explain away the downturn while the Associated Press said that “recession fears” have been heightened.

“By one common definition — the economy shrinking for consecutive quarters — the U.S. economy is on the cusp of a recession,” reads an AP headline. “Yet that definition isn’t the one that counts.”

By one common definition — the economy shrinking for consecutive quarters — the U.S. economy is on the cusp of a recession.

Yet that definition isn't the one that counts. https://t.co/Bw1am1viQ4

— The Associated Press (@AP) July 26, 2022

Both outlets gleefully pinned a recession on former President Trump after COVID shutdowns led to a massive decline in economic output.

RELATED:  WEF Calls For End to Private Car Ownership (nationalfile.com)

Tags: Biden EconomyEconomyRecession

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