For almost a year, economic experts warned that Biden’s unchecked spending and inability to address inflation would result in a recession. The White House ignored all warnings and continued to push policies that damaged gas prices, hurt American workers, and put cash into China’s pocket.
Biden and his lackeys kept claiming that a recession was not coming. They even tried, more recently, to redefine the term, almost as if they knew it was inevitable. Biden’s unwillingness to own up to even one of his mistakes is shocking.
And now, we have two straight quarters of stagnation, the textbook definition of a recession.
The U.S. economy contracted in the second quarter of 2022 as the economy was battered by four-decade high inflation, record high fuel prices, soaring food costs, and tighter monetary policy.
The government reported Thursday that Gross Domestic Product shrank by 0.9 percent in the April through June period. Economists had expected the economy to grow by 0.3 percent…
The decrease in GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment. These were partly offset by increases in exports and household spending. [Source: Breitbart]
The economy has receded for two straight quarters. This is largely thanks to Biden’s runaway inflation. As prices continue to climb at a record pace, Americans have no choice but to dramatically cut back spending (even on things they need).
That results in businesses—that are already hurt by rising costs—seeing a massive drop in profits. They make less, provide fewer services, and will soon have to cut back on wages. Guess what that means? You guessed it, massive layoffs.
And as the bad news starts rolling in, even relatively strong companies will fire hundreds, simply out of fear.
This is the exact opposite of what we saw during Trump’s first three years. The economy was booming because Trump slashed taxes and regulations—and ensured aliens weren’t taking our jobs. Even halfway through the pandemic, he ensured the economy would come roaring back.
But what is Biden doing? Making more excuses. His corrupt administration refuses to admit this is a sign of recession. But if he really cared about Americans, why isn’t he working to combat the causes of inflation? Namely, his own energy policies that have caused gas prices to skyrocket and keep inflation burning hot.
Perhaps Biden doesn’t care about Americans? Perhaps he is only in it for himself.
That’s pretty believable, by now.
Author: Bo Dogan