{"id":1576622,"date":"2022-07-28T12:10:38","date_gmt":"2022-07-28T16:10:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576622"},"modified":"2022-07-28T12:10:52","modified_gmt":"2022-07-28T16:10:52","slug":"are-we-in-a-recession-it-doesnt-matter-to-americans-who-are-hurting-economists-say","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/are-we-in-a-recession-it-doesnt-matter-to-americans-who-are-hurting-economists-say\/","title":{"rendered":"Are We In A Recession? It Doesn\u2019t Matter To Americans Who Are Hurting, Economists Say"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/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%2Fare-we-in-a-recession-it-doesnt-matter-to-americans-who-are-hurting-economists-say%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=1576622&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--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Biden-2-scaled-e1659017962750.jpeg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>The Biden administration has disputed that the U.S. is actually in a recession despite two consecutive quarters of negative GDP growth, but economists say the technical definition of a recession is irrelevant when considering the poor state of the economy.<\/p>\n<p>The Bureau of Economic Analysis (BEA) announced Thursday that U.S. GDP shrank by 0.9% in the second quarter of 2022, meaning that the U.S. economy has now yielded two consecutive quarters of negative growth, which <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/economist-dismantles-biden-admins-attempt-redefine-recession\/\">some define<\/a> as a recession but the Biden administration <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/white-house-redefine-recession-gdp-data\/\">has disputed<\/a>. But the technical definition of \u201crecession\u201d don\u2019t matter to most regular people as inflation is <a href=\"https:\/\/dailycaller.com\/2022\/07\/13\/inflation-americans-cpi-squeeze-joe-biden\/\">running white-hot<\/a> at 9.1%, <a href=\"https:\/\/dailycaller.com\/2022\/07\/27\/federal-reserve-rate-hikes-economy-recession-inflation\/\">interest rates are rising<\/a> and making credit card debt and mortgages harder to service, and business owners are <a href=\"https:\/\/dailycaller.com\/2022\/07\/15\/business-owners-already-seeing-recession\/\">struggling to stay afloat<\/a> amid lower demand, economists told the Daily Caller News Foundation.<\/p>\n<p>\u201cInstead of acknowledging responsibility for their failed policies, the Biden administration chooses to play word games, just like they did with inflation. The 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 E.J. Antoni, research fellow for regional economics at The Heritage Foundation, said in a statement shared with the DCNF.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">9% inflation during a recession.<\/p>\n<p>Brought to you by the same Democratic geniuses who planned the Afghanistan retreat.<\/p>\n<p>\u2014 Tom Cotton (@TomCottonAR) <a href=\"https:\/\/twitter.com\/TomCottonAR\/status\/1552646211114479617?ref_src=twsrc%5Etfw\">July 28, 2022<\/a> <\/p>\n<\/blockquote>\n<p>Following the GDP report, President Joe Biden <a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/joe-biden-united-states-right-path-transition-fears-recession\/\">said<\/a> that \u201cit\u2019s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation, but even as we face historic global challenges, we are on the right path.\u201d On Monday he had <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/biden-white-house-economic-recession\/\">argued<\/a> that \u201cI don\u2019t think we\u2019re going to be in a recession.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/recession-us-economy-second-quarter-gdp-growth\/\">(RELATED: US Economy Posts Second Consecutive Quarter Of Negative Growth)<\/a><\/strong><\/p>\n<p>\u201cThe [GDP] drop was largely caused by the huge spike in inflation we saw this spring, which wiped out household purchasing power and resulted in a large drop in spending on goods,\u201d Mark Vitner, managing director and senior economist at Wells Fargo, told the Daily Caller News Foundation.<\/p>\n<div dir=\"ltr\">Administration officials have <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/biden-white-house-economic-recession\/\">repeatedly made<\/a> the technically accurate point that two quarters of negative growth is a colloquial, and not official definition.<\/div>\n<div dir=\"ltr\">\n<p>The National Bureau of Economic Research (NBER) makes the official determination as to whether the economy is in a recession, often retroactively, and <a href=\"https:\/\/www.nber.org\/research\/business-cycle-dating\">does say<\/a> that \u201cthere is no fixed rule about what measures contribute information to the process or how they are weighted in our decisions.\u201d<\/p>\n<\/p><\/div>\n<p>But the debate over the definition of a recession is an attempt to spin the narrative and distract from the fact that the economy is in poor shape, regardless of economic semantics, according to Alfredo Ortiz, president and CEO of Job Creators Network.<\/p>\n<p>\u201cThis is a desperate and shameful attempt to move the recession goalposts to prevent Biden from being labeled a recession President. Americans don\u2019t care about this technical definition but have long been suffering from sky-high gas prices and skyrocketing inflation,\u201d Ortiz told the DCNF.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">It doesn\u2019t matter if we have stagflation or a recession.<\/p>\n<p>What matters is that Americans are hurting financially, that this outcome was caused by govt and Fed policy, and that it was completely avoidable.<\/p>\n<p>\u2014 Carol Roth (@caroljsroth) <a href=\"https:\/\/twitter.com\/caroljsroth\/status\/1552273802041622528?ref_src=twsrc%5Etfw\">July 27, 2022<\/a> <\/p>\n<\/blockquote>\n<p>\u201cThey\u2019re doing it all because of politics. They should just say look, we\u2019re into a recession, let\u2019s get out of it in a hurry,\u201d former advisor to Vice President Mike Pence General Keith Kellogg told the DCNF.<\/p>\n<p>The White House did not respond to the DCNF\u2019s request for comment.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration has disputed that the U.S. is actually in a recession despite two consecutive quarters of negative GDP growth, but economists say the technical definition of a recession<\/p>\n","protected":false},"author":979,"featured_media":2315279,"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-1576622","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\/1576622","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\/979"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1576622"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1576622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1576622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1576622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}