U.S. Faces Second Quarter of Shrinking GDP

U.S. Faces Second Quarter of Shrinking GDP

“Biden wants to tax and spend even more, which will only make things worse.”

Daniel Molina
Daniel Molina
|
July 28, 2022

The United States has faced two quarters with a shrinking GDP, which has incited arguments that we’re in a recession. Republicans are calling it the Biden recession, and Florida Governor Ron DeSantis (R) has taken to social media to comment on the announcement.

Governor DeSantis shared a message of disapproval, noting that the “U.S. dropped for a second quarter in a row, which is the definition of a recession.”

“While the Biden Administration and its legacy media cheerleaders are trying to gaslight people about the economic slowdown, we have seen Biden’s poor economic stewardship and the negative impact it has had on families,” the Governor added, lamenting that “Biden wants to tax and spend even more, which will only make things worse.”

President Biden has faced waning support in recent months. His approval rating decreased to 31%, and over 70% of Democratic voters have opined that the President should not seek reelection in 2024. As an alternative, DeSantis has remained in the 2024 conversation as growing speculating has sparked rumors over his presidential candidacy. He has largely quieted down those rumors, but his growing contention with President Biden raises speculation even further. This coupled with the fact that President Donald Trump (R) could be gearing up for another presidential run has left voters perplexed as to what the 2024 election will look like.

Moreover, growing inflation has plagued the Biden administration, and the Fed responded to rising inflation by raising interest rates by another 0.75%, which will affect numerous things including car loans, credit card, adjustable-rate mortgages, private student loans, and other variable-rate loans.

CNBC reports that “rate hikes increase the cost of borrowing money, which can help slow inflation. But they also result in added costs for consumers already dealing with elevated prices for goods and services.”

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Daniel Molina

Daniel Molina

Daniel Molina is an award-winning senior reporter based in Miami. He holds a bachelor’s degree in English Literature from Florida International University. His hobbies include reading, writing, and watching films.

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