{"id":1576336,"date":"2022-07-28T10:01:49","date_gmt":"2022-07-28T14:01:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576336"},"modified":"2022-07-28T10:07:04","modified_gmt":"2022-07-28T14:07:04","slug":"u-s-in-a-recession-after-second-straight-quarter-of-negative-growth","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-in-a-recession-after-second-straight-quarter-of-negative-growth\/","title":{"rendered":"U.S. In A Recession After Second Straight Quarter Of Negative Growth"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-in-a-recession-after-second-straight-quarter-of-negative-growth%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576336&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The <a href=\"https:\/\/www.dailywire.com\/topic\/united-states\">United States<\/a> is in a recession after the <a href=\"https:\/\/www.dailywire.com\/topic\/economy\">economy<\/a> shrank for a second straight quarter by an annualized rate of 0.9%.<\/p>\n<p>On Thursday,\u00a0 the U.S. Bureau of Economic Analysis\u2019 (BEA) first estimate of the nation\u2019s <a href=\"https:\/\/www.dailywire.com\/topic\/economy\">gross domestic product<\/a> was worse than the predicted expansion of 0.5%, FXStreet <a href=\"https:\/\/www.fxstreet.com\/news\/breaking-us-economy-contracts-at-an-annualized-rate-of-09-in-q2-202207281231\">noted<\/a>. Economists widely define a recession as two consecutive quarters of negative growth.<\/p>\n<p>\u201cThe 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),\u201d the BEA explained. \u201cImports, which are a subtraction in the calculation of GDP, increased.\u201d<\/p>\n<p>White House economic advisor Brian Deese has claimed that a recession is not universally defined as two straight quarters of negative growth.<\/p>\n<p>\u201cIt\u2019s not the definition that economists have traditionally relied on,\u201d Deese recently said regarding the aforementioned definition.<\/p>\n<p>In 2008, Deese <a href=\"https:\/\/nypost.com\/2022\/07\/27\/white-house-takes-heat-after-biden-adviser-accused-of-redefining-recession\/\">told<\/a> the media, \u201cEconomists have a technical definition of recession, which is two consecutive quarters of negative growth.\u201d<\/p>\n<p>EJ Antoni, a research fellow at the Heritage Foundation, also told The Daily Wire in an email that despite the Biden administration\u2019s attempt to change the definition of recession, the U.S. is in one for several reasons.<\/p>\n<p>\u201cOver the last 18 months, Congress, President Biden, and the Federal Reserve set our nation up for disaster. The consequence is that we are now in a recession,\u201d Antoni said.<\/p>\n<p>\u201cThe current economic situation is the consequence of profligate federal spending financed by printed money. Now, instead of acknowledging responsibility for their failed policies, the Biden administration chooses to play word games, just like they did with inflation,\u201d he added. \u201cThe latest of their verbal gymnastics is an attempt to redefine a \u2018recession\u2019 and deny the reality of the current moment. It adds insult to injury for hundreds of American families when the Biden administration engages in this Orwellian doublespeak. Make no mistake\u2014while Biden officials debate the meaning of \u2018recession,\u2019 working and middle-class Americans have been living in one for months.\u201d<\/p>\n<p>Regardless of the alleged word games, Antoni noted that Americans feel the economic woes under the administration.<\/p>\n<p>\u201cUnlike the bureaucrats here in Washington, those American families have been feeling the economic pain and were well aware of the reality of this recession long before today\u2019s numbers were released, Antoni remarked. \u201cBy denying it\u2019s even happening, the Biden administration is demonstrating just how out of touch they are.\u201d<\/p>\n<p><em>This is a developing story; please check back for updates.<\/em><\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States is in a recession after the economy shrank for a second straight quarter by an annualized rate of 0.9%. On Thursday,\u00a0 the U.S. Bureau of Economic Analysis\u2019 (BEA) first estimate of the nation\u2019s gross domestic product was worse than the predicted expansion of 0.5%, FXStreet noted. Economists widely define a recession as &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1535773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1576336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1576336"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1535773"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1576336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1576336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1576336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}