Since Joe Biden took office we have seen inflation soar. We watched as gas prices climbed up over $5/gal for most of the country. We’ve watched food disappearing from the shelves of our local grocery stories and the prices going up and up.
The FED continues to print money and congress, both sides, continues to spend money that the government doesn’t have. At every turn we see that the economy is flagging. That bad things are happening.
The energy sector is being attacked at a social level and at the federal level. The President has released millions of barrels of oil from the Strategic Petroleum Reserve. Worse, the petroleum that he is releasing is of the type that is most needed in time of war. If he continues at the current pace through the end of October we will have emptied almost all of the “sour” reserves.
The economy is contracting. We measure this via the GDP.
We are heading towards a recession and maybe even a depression. Everything the current administration is doing and is likely to do is going to make it worse.
On Thursday they are going to release the second quarter GDP numbers. Those numbers will tell us if we are in an official recession. All signs point to the GDP contracting for the second straight quarter which indicates a recession.
Unless you are a Democrat. Then you lie.
“Even though you can see the fires burning in the background, this has been a mostly peaceful protest.”
“The price of your 4th of July barbecue is down $0.16, inflation isn’t really happening.”
This list could go on and on and on.
For years the definition of a recession, in the US, has been two quarters of GDP contraction. That is until this week. This week the Biden administration came out and said “GDP contraction isn’t the official definition and there are other indicators. We don’t think there is a recession.”
Having made this statement, the Democratic party media arm immediately jumped to push the new narrative.