{"id":1577705,"date":"2022-07-29T09:03:47","date_gmt":"2022-07-29T13:03:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1577705"},"modified":"2022-07-29T09:05:52","modified_gmt":"2022-07-29T13:05:52","slug":"its-official-the-joe-biden-recession-has-begun","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-official-the-joe-biden-recession-has-begun\/","title":{"rendered":"It\u2019s Official: The Joe Biden Recession Has Begun"},"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\">16<\/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%2Fits-official-the-joe-biden-recession-has-begun%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=1577705&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>No matter how much the White House or its cronies in the corrupt corporate media try to cover up the nation\u2019s economic crises, the U.S. economy is in fact in a recession.<\/p>\n<p>Not only did gross domestic product <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-second-quarter-2022-advance-estimate\" target=\"_blank\" rel=\"noreferrer noopener\">drop by 0.9 percent<\/a> in the second quarter of 2022, but inflation reached <a href=\"https:\/\/thefederalist.com\/2022\/07\/13\/another-month-of-historic-inflation-means-its-time-to-stop-believing-experts-who-say-the-economy-is-fine\/\" target=\"_blank\" rel=\"noreferrer noopener\">yet another record high<\/a>, which severely damaged Americans\u2019 purchasing power. As a result, the U.S. Bureau of Economic Analysis <a href=\"https:\/\/twitter.com\/seanmdav\/status\/1552654868061437954?s=20&#038;t=rxBDho6VGSesEILu4M9YgQ\" target=\"_blank\" rel=\"noreferrer noopener\">reported decreases<\/a> in \u201cprivate inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment.\u201d <\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"533\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-9.09.19-AM-1024x533-1.png\" alt=\"\" class=\"wp-image-276607\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-9.09.19-AM-1024x533-1.png 1024w, https:\/\/thefederalist.com\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-9.09.19-AM-300x156.png 300w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-9.09.19-AM-768x399-1.png 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-9.09.19-AM.png 1192w\" \/><\/figure>\n<p>Real GDP for April through June may look better than the 1.6 percent decrease recorded in the first quarter of 2022, but by all previously held definitions, back-to-back negative quarters signal that the nation is in a recession. <\/p>\n<p>That\u2019s a strong contrast to what the Biden administration \u2014 which is in many ways responsible for the nation\u2019s economic state thanks to excessive government spending and the belief that it could <a href=\"https:\/\/supermacro.substack.com\/p\/recession-democrat-policies-tank?r=23dzz&#038;s=r&#038;utm_campaign=post&#038;utm_medium=email\" target=\"_blank\" rel=\"noreferrer noopener\">\u201crun up national debt without consequence\u201d<\/a> \u2014 preemptively <a href=\"https:\/\/thefederalist.com\/2022\/07\/25\/recession-no-problem-just-pretend-it-doesnt-exist\/\" target=\"_blank\" rel=\"noreferrer noopener\">claimed<\/a> about the current state of the U.S. economy.<\/p>\n<p>\u201cWhat is a recession? 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,\u201d the White House Council of Economic Advisers\u00a0<a href=\"https:\/\/www.whitehouse.gov\/cea\/written-materials\/2022\/07\/21\/how-do-economists-determine-whether-the-economy-is-in-a-recession\/\">declared ahead of the poor news<\/a>.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><\/figure>\n<p>Now that the White House has repeatedly and dishonestly denied any problems with the American economy, the corporate media have taken their cue to downplay, memory hole, and tail-tuck their way through the news cycle for the next few days.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<span class=\"XJUNxMjeiBVYtvlF\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">TREASURY SEC. JANET YELLEN: \u201cThis is not an economy that\u2019s in recession. We\u2019re in a period of transition in which growth is slowing, and that\u2019s necessary and appropriate.&#8221;<a href=\"https:\/\/t.co\/tzRtURrUH8\">pic.twitter.com\/tzRtURrUH8<\/a><\/p>\n<p>\u2014 Breaking911 (@Breaking911) <a href=\"https:\/\/twitter.com\/Breaking911\/status\/1551708931956920320?ref_src=twsrc%5Etfw\">July 25, 2022<\/a><\/p><\/blockquote>\n<p><\/span>\n<\/div>\n<\/figure>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<span class=\"6nPBU1ArFJltrLpuQQPTxD9C2JwLRzYFm2HMNNgecd3dUy77ZXWcsg4Z683S0qEiITkyhjvzeOVnGK1hqluiYI5\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The spinsters have taken their stations! <\/p>\n<p>CNN&#8217;s <a href=\"https:\/\/twitter.com\/JohnBerman?ref_src=twsrc%5Etfw\">@JohnBerman<\/a> on the recession: &#8220;This is the kind of reaction that Jerome Powell might want to see, which is things cooling off a little bit. <a href=\"https:\/\/t.co\/4r0h3hDKbp\">pic.twitter.com\/4r0h3hDKbp<\/a><\/p>\n<p>\u2014 Tom Elliott (@tomselliott) <a href=\"https:\/\/twitter.com\/tomselliott\/status\/1552642941981757440?ref_src=twsrc%5Etfw\">July 28, 2022<\/a><\/p><\/blockquote>\n<p><\/span>\n<\/div>\n<\/figure>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<span class=\"fsKuc62grXQoolhg8Y8EvdwPF56ZGLDvx9700OHLPaSV1TiyQD1WNpIIM7wOUATjkkJNaU4tYpMeARFz\"><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Doocy: &#8220;If things are going so great, why are White House officials are redefining recession?&#8221;<\/p>\n<p>Jean-Pierre: &#8220;We are not.&#8221;<\/p>\n<p>Doocy: &#8220;It&#8217;s two consecutive quarters of negative GDP growth\u2026 How is that not redefining recession?&#8221;<\/p>\n<p>Jean-Pierre: &#8220;That&#8217;s not the definition.&#8221; <a href=\"https:\/\/t.co\/eyyvYdZWMj\">pic.twitter.com\/eyyvYdZWMj<\/a><\/p>\n<p>\u2014 Greg Price (@greg_price11) <a href=\"https:\/\/twitter.com\/greg_price11\/status\/1552396404240310274?ref_src=twsrc%5Etfw\">July 27, 2022<\/a><\/p><\/blockquote>\n<p><\/span>\n<\/div>\n<\/figure>\n<p>Reuters framed the recession news as a <a href=\"https:\/\/www.reuters.com\/markets\/us\/moderate-rebound-us-economic-growth-seen-second-quarter-inflation-bites-2022-07-28\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cmoderate rebound\u201d<\/a> while economists at the <a href=\"https:\/\/www.wsj.com\/articles\/us-q2-gdp-growth-economy-11658981184\" target=\"_blank\" rel=\"noreferrer noopener\">Wall Street Journal<\/a> claimed the U.S. is in a \u201csentiment recession,\u201d not an \u201cactual recession.\u201d<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><\/figure>\n<p>Outlets such as the New York Times, whose opinion columnist Paul Krugman <a href=\"https:\/\/twitter.com\/paulkrugman\/status\/1552366727266197506?s=20&#038;t=UL_42ZttM-T1RPery1B3Cw\">insisted<\/a> earlier this week that the U.S. isn\u2019t on the brink of recession, conceded that \u201cthe country could be close\u201d to a period of economic decline. <\/p>\n<p>\u201cSince it has already announced that real G.D.P. shrank in the first quarter, there will be a lot of breathless commentary to the effect that we\u2019re officially in a recession. But we won\u2019t be,\u201d Krugman <a href=\"https:\/\/www.nytimes.com\/2022\/07\/26\/opinion\/recession-gdp-economy-nber.html\" target=\"_blank\" rel=\"noreferrer noopener\">wrote<\/a> on Tuesday. \u201cThat\u2019s not how recessions are defined; more important, it\u2019s not how they should be defined.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"542\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.57.14-AM-1024x542-1.png\" alt=\"\" class=\"wp-image-276602\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.57.14-AM-1024x542-1.png 1024w, https:\/\/thefederalist.com\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.57.14-AM-300x159.png 300w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.57.14-AM-768x407-1.png 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.57.14-AM.png 1182w\" \/><\/figure>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"893\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.52.06-AM-1024x893-1.png\" alt=\"\" class=\"wp-image-276601\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.52.06-AM-1024x893-1.png 1024w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.52.06-AM-300x261-1.png 300w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.52.06-AM-768x669-1.png 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Screen-Shot-2022-07-28-at-7.52.06-AM.png 1184w\" \/><\/figure>\n<p>Politico took it one step further and suggested that the White House, which has repeatedly denied the economic crisis in the United States, is \u201ctechnically \u2026 correct\u201d to reject the current definition of recession. <\/p>\n<p>\u201cTwo declines in a row is\u00a0<em>one<\/em>\u00a0classic hallmark of recession. But as I\u2019ve noted in this space before, there is no official definition of recession in the U.S. beyond a broad decline in economic activity spread over time,\u201d Politico\u2019s Ben White <a href=\"https:\/\/www.politico.com\/newsletters\/politico-nightly\/2022\/07\/27\/bracing-for-the-big-reveal-00048335\" target=\"_blank\" rel=\"noreferrer noopener\">wrote<\/a>. <\/p>\n<p>The <a href=\"https:\/\/twitter.com\/AP\/status\/1551980710327623680\">Associated Press<\/a> and <a href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/07\/25\/biden-administration-recession-pushback\/\">Washington Post<\/a> also sought to obscure the definition of recession, something that benefits the Biden administration and reinforces its talking points. <\/p>\n<p>Vox published an article <a href=\"https:\/\/www.vox.com\/the-goods\/2022\/7\/28\/23280969\/gdp-report-recession-economy-climate-change-happiness\" target=\"_blank\" rel=\"noreferrer noopener\">suggesting<\/a> the U.S. ditch GDP, which it says is \u201conly a decent-ish indicator\u00a0of how things are going for people,\u201d for a better, more holistic measure of economic health. <\/p>\n<p>But a holistic look at the economy doesn\u2019t help. Americans are paying more out of pocket for essential goods and services now more than ever. The nationwide average gas price still sits high at <a href=\"https:\/\/gasprices.aaa.com\/\">$4.28<\/a>. Since 2021, electricity costs are up <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"noreferrer noopener\">13.7 percent<\/a>, and food at home is up 12.2 percent.<\/p>\n<p>The ruling elites\u2019 blatant rejection of the current economic crisis is not new. After all, the White House has claimed for months that unemployment is at <a href=\"https:\/\/twitter.com\/WhiteHouse\/status\/1550605359873753088?s=20&#038;t=UL_42ZttM-T1RPery1B3Cw\" target=\"_blank\" rel=\"noreferrer noopener\">historic lows<\/a>, even though jobs are nowhere near where they were before the pandemic. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><\/figure>\n<hr class=\"wp-block-separator\" \/>\n<p>\n  Jordan Boyd is a staff writer at The Federalist and co-producer of The Federalist Radio Hour. Her work has also been featured in The Daily Wire and Fox News. Jordan graduated from Baylor University where she majored in political science and minored in journalism. Follow her on Twitter @jordanboydtx.<\/p>\n<div class=\"article-comments mt-30 mt-sm-60\">\n<div class=\"article-comments-container d-flex flex-column align-items-center py-30\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"110\" height=\"106\" src=\"https:\/\/thefederalist.com\/wp-content\/uploads\/2021\/12\/fdrlst-mark.svg\" class=\"img-fluid mb-20\" alt=\"The Federalist logo eagle mark\" \/>    <\/p>\n<p>Unlock commenting by joining the Federalist Community.<\/p>\n<p>    <a href=\"https:\/\/thefederalist.com\/plans\/pricing\/\" class=\"btn btn-on-white\">Subscribe<\/a>  <\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>No matter how much the White House or its cronies in the corrupt corporate media try to cover up the nation\u2019s economic crises, the U.S. economy is in fact in<\/p>\n","protected":false},"author":490,"featured_media":1578147,"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-1577705","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\/1577705","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\/490"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1577705"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1577705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1578147"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1577705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1577705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1577705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}