{"id":1595788,"date":"2022-08-09T07:02:17","date_gmt":"2022-08-09T11:02:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1595788"},"modified":"2022-08-09T07:02:26","modified_gmt":"2022-08-09T11:02:26","slug":"pessimism-on-the-biden-economy-hits-highest-since-2008","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pessimism-on-the-biden-economy-hits-highest-since-2008\/","title":{"rendered":"Pessimism on the Biden Economy Hits Highest Since 2008"},"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\">18<\/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%2Fpessimism-on-the-biden-economy-hits-highest-since-2008%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=1595788&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>Americans have soured further on the <a href=\"https:\/\/www.theepochtimes.com\/t-economy\">economy<\/a> under President <a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a>, according to the latest ABC News \/Ipsos poll, which shows that the share of U.S. respondents who think the economy is getting worse has soared to its highest level since the financial crisis of 2008\u201309.<\/p>\n<p>More than two-thirds (69 percent) of American adults believe the U.S. economy is deteriorating, according to the poll (<a href=\"https:\/\/www.ipsos.com\/sites\/default\/files\/ct\/news\/documents\/2022-08\/Topline%20ABC_Ipsos%20Poll%20August%206%202022%20.pdf\">pdf<\/a>), published three months before the midterm elections in November.<\/p>\n<p>That\u2019s the highest share of Americans who say the economy is getting worse since 2008, when 82 percent expressed a similarly pessimistic view.<\/p>\n<p>The survey, carried out on a sample of 665 respondents and with a 4.2 percentage point margin of error,\u00a0also shows Americans trust Republicans over Democrats to handle key issues like crime, the economy, and inflation.<\/p>\n<p>The poll also provides added contours to the heated debate on whether the United States has\u2014as some economists argue\u2014fallen into a recession or\u2014as members of the Biden administration insist\u2014it has not.<\/p>\n<h2>Recession or Something Else?<\/h2>\n<p>Biden, Treasury Secretary Janet Yellen, and a number of economists have argued that the U.S. economy isn\u2019t in a recession, despite meeting the informal rule-of-thumb definition for a contraction\u2014namely, two back-to-back quarters of negative gross domestic product (GDP) growth.<\/p>\n<p>While the two-quarter rule has for decades served as a shorthand definition of recession, economic contractions in the United States are declared by a committee of economists at the National Bureau of Economic Research (NBER), who use a broader definition than the two-quarter rule-of-thumb.<\/p>\n<p>Yellen told a press conference in late July that \u201cmost economists and most Americans\u201d define a recession as a \u201cbroad-based weakening\u201d of the U.S. economy that includes businesses shuttering in large numbers and mass layoffs.<\/p>\n<p>\u201cThat is not what we\u2019re seeing right now when you look at the economy. Job creation is continuing, household finances remain strong, consumers are spending, and businesses are growing,\u201d Yellen said at the time.<\/p>\n<p>Other metrics Yellen mentioned include consumer spending continuing to rise in the second quarter and industrial output showing solid average growth over the first two quarters of the year, compared with sharp average drops in past recessions.<\/p>\n<p>She also singled out the large drop in private inventories that shaved more than two percentage points off the headline GDP number as companies trimmed stockpiles they rushed to build at the peak of the supply chain crunch.<\/p>\n<p>Excluding the sharp inventory swing would have put the second-quarter GDP number into positive territory.<\/p>\n<h2>\u2018Definitely a Recession\u2019<\/h2>\n<p>Vance Ginn, chief economist at the Texas Public Policy Foundation, told The Epoch Times\u2019 sister media NTD in an earlier interview that while officially it\u2019s NBER that calls recessions,\u00a0the two-quarter definition is \u201cusually how it\u2019s done by a rule of thumb.\u201d<\/p>\n<p>\u201cI think this is definitely recession that we\u2019re in now from these bad policies,\u201d Ginn added, blaming a series of progressive policies coming out of the White House, the Democrat-controlled House, and the Federal Reserve.<\/p>\n<p>While Ginn acknowledged that there\u2019s \u201cnot one clear way of defining a recession,\u201d he pointed out that since around 1950, every time that the economy experienced two back-to-back quarters of negative growth, that ended up being counted as a recession.<\/p>\n<p>Ginn also objected to Yellen\u2019s touting labor market strength\u00a0as evidence that the U.S. economy hasn\u2019t yet fallen into a recession.<\/p>\n<p>\u201cThe labor market is a lagging indicator in the overall economy,\u201d Ginn said, adding that businesses\u00a0lay off workers as a last resort and that the job market is typically one of the last indicators to roll over.<\/p>\n<p>The latest job creation numbers have come in hot, with the <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\">Labor Department\u2019s latest<\/a> non-farm payroll numbers beating market expectations, with 528,000 added positions in July, and the unemployment rate falling, to 3.5 percent.<\/p>\n<p>Still, given the lagging nature of labor market indicators, some economists warn that the (un)employment pain is still to come.<\/p>\n<h2>Trump Warns of \u2018a Lot Worse\u2019 Than Recession<\/h2>\n<p>Former President Donald Trump has issued a stark warning to\u00a0Americans to brace for something \u201ca lot worse than a recession,\u201d while blaming the Biden administration\u2019s poor stewardship of the economy for soaring inflation.<\/p>\n<p>Trump, when speaking at the Conservative Political Action Conference (CPAC) in Dallas on Aug. 6, drew a contrast with the economy under Biden, blaming him for the highest inflation in decades that, without details, Trump estimated is costing American families as much as $7,000 a year.<\/p>\n<p>\u201cAfter the pandemic, we handed the radical Democrats the fastest economic recovery ever recorded, the history of our country, ever recorded,\u201d Trump said.<\/p>\n<p>\u201cThey\u2019ve turned that into two straight quarters of negative economic growth, also known, despite their protestation to the contrary, as a recession.\u201d<\/p>\n<p>Trump then issued a grim warning that absent a course correction on the part of the country\u2019s political leadership, the recession could spiral into something even worse.<\/p>\n<p>\u201cJust hope that the recession doesn\u2019t turn into a depression, because the way they\u2019re doing things, it could be a lot worse than a recession,\u201d Trump said.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-tom-ozimek\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Tom Ozimek has a broad background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he&#8217;s ever heard is from Roy Peter Clark: &#8216;Hit your target&#8217; and &#8216;leave the best for last.&#8217;\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Americans have soured further on the economy under President Joe Biden, according to the latest ABC News \/Ipsos poll, which shows that the share of U.S. respondents who think the<\/p>\n","protected":false},"author":1,"featured_media":1443681,"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-1595788","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\/1595788","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=1595788"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1595788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1443681"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1595788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1595788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1595788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}