BREAKING: Biden recession CONFIRMED despite admin attempts to redefine ‘recession’ | The Post Millennial
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BREAKING: Biden recession CONFIRMED despite admin attempts to redefine ‘recession’
A third and final estimate from the Bureau of Economic Analysis on Thursday confirmed the US gross domestic product shrank by .6 percent. In July, the Biden Administration attempted to redefine the word “recession,” offering several competing definitions to
The US economy shrank at an annual rate of .6 percent last quarter, the second quarter the economy has shrunk in a row, confirming that the country is in a recession.
According to Forbes, a third and final estimate from the Bureau of Economic Analysis on Thursday confirmed the .6 percent gross domestic product shrinkage, which has economists predicting that economic slowdown will only continue. In July, the Biden Administration attempted to redefine the word "recession," offering several competing definitions to minimize the severity of the American financial landscape.
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Wells Fargo senior economist Tim Quinlan has said that the working definition of a recession is two consecutive quarters of negative GDP growth.
The National Bureau of Economic Research defines a recession as "a significant decline in economic activity" lasting "more than a few months."
The news of a confirmed recession comes as the country under Joe Biden's leadership has faced consistent record high inflation, unprecedented supply chain shortages, citizens laden with record breaking debt.
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