(DCWatchdog.com) – HAPPENING NOW: Despite the denials of President Joe Biden and his administration, the United States has officially fallen into a recession.
For decades, the accepted definition of an economic recession has been when the country experiences two successive quarters of a decline in the gross domestic product (GDP).
As Fox News reports, that troubling technical benchmark was reached today.
“The U.S. economy shrank in the spring for the second consecutive quarter, meeting the criteria for a so-called technical recession as raging inflation and higher interest rates forced consumers and businesses to pull back on spending.
“Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 0.9% on an annualized basis in the three-month period from April through June, the Commerce Department said in its first reading of the data on Thursday. Refinitiv economists expected the report to show the economy had expanded by 0.5%.
“Economic output already fell over the first three months of the year, with GDP tumbling 1.6%, the worst performance since the spring of 2020, when the economy was still deep in the throes of the COVID-induced recession.” [emphasis added]
As Fox also notes:
“Recessions are technically defined by two consecutive quarters of negative economic growth and are characterized by high unemployment, low or negative GDP growth, falling income and slowing retail sales, according to the National Bureau of Economic Research (NBER), which tracks downturns.” [emphasis added]
What is your opinion? Do you believe the United States has fallen into a recession? If so, what do you think is the cause of the recession? Please share your reaction and thoughts by emailing [email protected]. Thank you.
THIS IS A BREAKING NEWS REPORT FROM THE DC WATCHDOG.
JUST IN – United States is entering a recession: GDP contracted by 0.9% in Q2, the second quarter in a row.
— Disclose.tv (@disclosetv) July 28, 2022