28 Jul 2022 Despite White House Denial, Recession is Here
“It’s official,” said Project 21 member Michael Austin, an economist. “Joe Biden has pushed the U.S. economy off the cliff.”
For the second straight quarter, America’s gross domestic product – the measurement of economic output has contracted. That is what’s traditionally defined as a recession. Even though the Biden Administration has tried to deny it, it is here.
“The Biden Administration will not own up to the mess they have created and prolonged,” remarked Project 21 member Philip Clay. “As we enter into our second quarter of negative economic growth, they refuse to admit we are in recession. They refer to job numbers – saying the job growth means we are not in recession. However, many Americans are working more than one job and skewing those numbers. They are spending more and receiving less.”
Noting how the White House is trying to downplay recession fears, Philip added: “Our Treasury Secretary now seems to want to redefine what a recession is. Ten of the past 10 times we’ve seen two quarters of negative growth, it’s been officially declared a recession. Besides protecting a failing administration from further embarrassment, why change now?”
Philip’s assertion was seconded by Michael: “History repeats itself. The New Deal, the War on Poverty, Obama’s American Recovery and Reinvestment Act and now Biden’s American Rescue Plan. When you wage war on work, Americans lose their jobs, businesses close and our economic well-being suffers.”
“The Biden Administration’s policies are directly responsible for our underperforming economy,” said Project 21 member Derryck Green. “The first quarter saw a 1.6% annualized decline. Last quarter saw a decline of 0.9%. The Biden Administration anticipated the bad economic news from the Commerce Department. That is why the President, his economic advisor Brian Deese and his dreadful press secretary, Karine Jean-Pierre among others – including the legacy media – have tried to redefine recession.”
“Despite the spin,” Derryck pointed out, “Americans know better – particularly when they are paying $500 more per month for groceries and $250 more per month for gas thanks to inflation being at 9.1%.”
“It’s far past time the Biden Administration focuses on eliminating welfare programs instead of eliminating recession definitions. One doesn’t cure a hangover by drinking more alcohol,” Michael warned. “As such, we cannot cure a recession by spending more taxpayer dollars.”