{"id":1720310,"date":"2022-11-01T15:04:26","date_gmt":"2022-11-01T19:04:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1720310"},"modified":"2022-11-01T15:04:38","modified_gmt":"2022-11-01T19:04:38","slug":"relying-on-credit-cards-to-pay-basic-bills-reading-between-the-lines-on-bidens-rosy-economic-outlook","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/relying-on-credit-cards-to-pay-basic-bills-reading-between-the-lines-on-bidens-rosy-economic-outlook\/","title":{"rendered":"\u2018Relying On Credit Cards To Pay Basic Bills\u2019: Reading Between The Lines On Biden\u2019s Rosy Economic Outlook"},"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\">34<\/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%2Frelying-on-credit-cards-to-pay-basic-bills-reading-between-the-lines-on-bidens-rosy-economic-outlook%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=1720310&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>President <a href=\"http:\/\/dailywire.com\/topic\/joe-biden\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a>, who insists that the <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">economy<\/a> has been robust under his watch, took credit last week as a <a href=\"https:\/\/www.dailywire.com\/news\/economy-turns-positive-in-third-quarter-biden-takes-credit\" target=\"_blank\" rel=\"noopener\">report<\/a> from the Bureau of Economic Analysis showed that the economy grew at a 2.6% annualized pace during the third quarter of 2022.<\/p>\n<p>Real gross domestic product, the sum of all final goods and services produced in the economy, rose between July and September. The nation, however, had previously met the rule-of-thumb definition of a <a href=\"http:\/\/dailywire.com\/topic\/recession\" target=\"_blank\" rel=\"noopener\">recession<\/a>, two consecutive quarters of negative growth, as the economy contracted at a 1.6% annualized rate in the first quarter and a 0.6% pace in the second quarter.<\/p>\n<p>The improved economic output was driven by higher exports, as well as consumer spending and new government expenditures. Consumers\u2019 Research Executive Director Will Hild said during an interview with The Daily Wire that much of the economic activity occurs as American households borrow money at record levels.<\/p>\n<p>\u201cWhat we\u2019ve seen since the beginning of the Biden administration is a massive increase in consumer loans. People are increasingly relying on credit cards to pay basic bills. The savings rate has cratered,\u201d he remarked. \u201cAnd that can only go so long \u2026 The average consumer is on an unstable path right now just to keep their head above water.\u201d<\/p>\n<p>The total level of consumer loans increased from $1.5 trillion at the beginning of Biden\u2019s tenure to $1.8 trillion as of two months ago, according to <a href=\"https:\/\/fred.stlouisfed.org\/series\/CONSUMER\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Federal Reserve. The personal savings rate has dropped from 20% to slightly more than 3% over the same period, according to <a href=\"https:\/\/fred.stlouisfed.org\/series\/PSAVERT\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Bureau of Economic Analysis, marking a significant decline from typical rates witnessed before the lockdown-induced recession.<\/p>\n<p>Hild noted that the improvement in net exports is likely aided by the Biden administration\u2019s efforts to <a href=\"https:\/\/www.dailywire.com\/news\/biden-to-release-more-oil-from-strategic-reserve-ahead-of-midterms\" target=\"_blank\" rel=\"noopener\">release supply<\/a> from the Strategic Petroleum Reserve, a stock of emergency crude oil used to manage disruptions in energy markets. The commander-in-chief has <a href=\"https:\/\/www.dailywire.com\/news\/biden-could-refill-strategic-oil-reserve-at-80-per-barrel-democrats-blocked-trump-when-oil-was-24\" target=\"_blank\" rel=\"noopener\">presided over a drop<\/a> in the Strategic Petroleum Reserve from 638 million barrels to 402 million barrels, according to <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&#038;s=WCSSTUS1&#038;f=W\">data<\/a> from the Energy Information Administration.<\/p>\n<p>\u201cThe administration has released an unprecedented amount of the Strategic Petroleum Reserve into the market in order to depress prices,\u201d Hild said. \u201cMost political pundits consider this to be a brazen use of public resources in order to keep gas prices low for purposes of helping his approval numbers before the midterm elections. The consequence of releasing that much oil in the market is that a lot of it gets exported.\u201d<\/p>\n<p>Reports <a href=\"https:\/\/www.dailywire.com\/news\/stunning-amount-of-oil-released-by-biden-found-its-way-to-china-other-countries\">indicate<\/a>\u00a0that some of the fuel has been sent overseas, including to a Chinese oil company with <a href=\"https:\/\/www.dailywire.com\/news\/biden-admin-sold-nearly-1-million-barrels-of-oil-to-chinese-state-owned-company-tied-to-hunter-biden\" target=\"_blank\" rel=\"noopener\">links<\/a> to Hunter Biden. \u201cThe most likely contributor to that massive export number that we saw, which is so out of kilter with previous quarters, was the Strategic Petroleum Reserve,\u201d Hild continued. \u201cIf you look at the other stuff in the GDP report, there was nothing really notable that would make me think it\u2019s a different product or different export.\u201d<\/p>\n<p>The <a href=\"https:\/\/www.dailywire.com\/news\/white-house-press-secretary-claims-americans-are-saving-on-gas-under-biden\" target=\"_blank\" rel=\"noopener\">denial<\/a> of the economy entering a technical recession from the White House and the <a href=\"https:\/\/www.dailywire.com\/news\/british-news-outlets-are-reporting-their-country-is-in-a-recession-american-media-refused-to-do-the-same\" target=\"_blank\" rel=\"noopener\">legacy media<\/a> was surprising to Hild, who said that officials from both sides of the aisle have referenced the rule-of-thumb definition \u201cas long as\u201d he \u201ccould remember.\u201d<\/p>\n<p>\u201cThey are moving the goalposts by suddenly going back to a much more vague definition that no one had been using,\u201d he said. \u201cIf you look at the whole panoply of evidence out there, minus this one weird GDP print that\u2019s up for one-off reasons, it does look like we not only have hit the two consecutive quarters of negative growth, but also the general conditions are not good.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden, who insists that the economy has been robust under his watch, took credit last week as a report from the Bureau of Economic Analysis showed that the economy grew at a 2.6% annualized pace during the third quarter of 2022. Real gross domestic product, the sum of all final goods and services &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1706325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1720310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1720310","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\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1720310"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1720310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1706325"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1720310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1720310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1720310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}