The numbers are in: The United States of America is in recession again. Or is it? Politicians and pundits across the nation are arguing the semantics of whether the world’s largest economy is falling on hard times. Politicians including President Joe Biden (D), Rep. Daniel Webster (R-FL), and Sen. Rick Scott (R-FL).
As we’ve stated, the numbers are in according to the Bureau of Economic Analysis. After a 1.6% decline in the first quarter alone, paired with a .9% regression in GDP this quarter, this marks two consecutive quarters with a regressive GDP. This phenomenon is a “widely accepted rule of thumb for a recession,” according to CNBC.
However, the President does not see it that way.
After a giving a speech in which Joe Biden attempted to showcase the current positives in the economy, including job growth in the manufacturing sector, the President ended his address to reporters saying, “That doesn’t sound like a recession to me” and then briskly walks away without taking any questions.
Joe Biden says that the economy is doing perfect, says "That doesn't sound like a recession to me," and then leaves without taking questions. pic.twitter.com/fzZmFEvqmE
— Greg Price (@greg_price11) July 28, 2022
If society accepts the “rule of thumb” mentioned by CNBC above, then, by definition, yes, it’s a recession. The Biden administration is rejecting the rule of thumb, if there is one.
However, lawmakers such as Daniel Webster in the House of Representatives and Rick Scott in the Senate have declared that the Biden administration is either bending the truth, or outright lying.
Webster’s accusation of inauthenticity provided that even though the President is playing semantics, the American people are hurting either way.
The latest GDP report indicates what we’ve already known, the economy is in a recession. No matter how the Biden Administration defines it, Americans are hurting and more gov spending isn’t the solution.
We must stop the spigot of spending and put the American People First. pic.twitter.com/5fWz4ii29n
— Daniel Webster (@RepWebster) July 28, 2022
“The latest GDP report indicates what we’ve already known, the economy is in a recession. No matter how the Biden Administration defines it, Americans are hurting and more gov spending isn’t the solution. We must stop the spigot of spending and put the American People First.”
Rick Scott included a meme from one of the most successful shows ever, “Seinfeld” and portrayed Biden as one of the characters, George Costanza, who famously said in the show, “It’s not a lie if you believe it.”
When it comes to GDP, @JoeBiden is playing his best George Costanza. https://t.co/rV80gFht7y pic.twitter.com/Zr4fYs7VJu
— Rick Scott (@SenRickScott) July 28, 2022
