It’s Undeniable: The United States is in a Recession

In the middle of the week, the Bureau of Economic Analysis released its report on the second quarter GDP. And boy was it not good. 

The BEA reported the following: “Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022, according to the ‘advance’ estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.6 percent.”

According to the official definition, a country is in an economic recession after it faces two consecutive quarters of declining GDP growth. 

Funny enough, President Joe Biden attempted to reassure his critics on July 25, 2022 that the US is not in an economic recession. 

“We’re not going to be in a recession, in my view,” Biden stated. “The unemployment rate is still one of the lowest we’ve had in history. It’s in the 3.6 percent area. We still find ourselves with people investing.”

“The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, increased,” the BEA report observed.

Last week, the White House tried to pull a fast one by changing the definition of recession to not mean two consecutive quarters of falling GDP growth.  

“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House stated.”Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession,” the White House added. 

This is peak Orwell. The Biden regime knows full well that its economic policies are destroying the economy. As a result, it has scrambled to change the definition of the word recession. 

We’re living in a post-truth era where words’ meanings are malleable and people have become completely detached from reality. 

It cannot be stressed enough the importance of having serious political leadership that knows the basic definition of words and is willing to confront uncomfortable truths. 

The current ruling class is living on a different planet and has proven to be incapable of running the most powerful nation on earth in a proper manner. 

Ultimately, it must be replaced with competent leadership.