Despite White House debate, critics insist US is officially in recession after two consecutive quarters of negative GDP growth – Bitcoin News Economics

The US economy declined for the second consecutive quarter as the country’s GDP fell 0.9% in the second quarter. The Bureau of Economic Analysis’ summary of US GDP follows the recent debate over the technical definition of a recession.

US Q2 GDP data points to recession

One of the major agencies of the US federal statistical system, the Bureau of Economic Analysis (BEA), has released the Commerce Department’s latest Gross Domestic Product (GDP) Statistics Thursday. The report notes that GDP data shows a 0.9% annualized decline in economic growth during the second quarter.

The BEA report states that “real GDP declined at a 0.9% annualized rate in the second quarter of 2022.” “The price index for total domestic purchases increased by 8.2 percent in the second quarter, compared to an increase of 8.0 percent in the first quarter.”

A number of economists and analysts have ridiculed American bureaucrats and members of the Federal Reserve for the dire economic outlook. “Just a friendly reminder that in December the Fed forecast 4% GDP growth for 2022,” Northman Trader analyst Sven Henrich said. chirp Thursday. Lots of people on social media to thank US President Joe Biden mocks the country’s economic downturn. Most Tweets Loudly exclaim The US is actually in a recession after the country’s GDP fell 0.9% in the second quarter.

White House Press Secretary Karen-Jean-Pierre claims low GDP is ‘not a definition’ of recession

A week before the BEA released its GDP data, the Biden administration posted two blogs claiming that a straight drop in GDP does not constitute a recession. This sparked heated debate across the country on social media such as many analysts, economists, websites and textbooks. State the exact opposite. Thursday’s BEA report sparked further discussion. Many people also insisted that the US economy is in a recession.

When Fox News White House Correspondent Peter Dossey Requested White House Press Secretary Karen-Jean-Pierre “If things are going well, why are White House officials redefining recession?” “We are not,” replied Jean-Pierre. After the comment, Doocy emphasized that a recession is two consecutive quarters of negative GDP growth…how does that not redefine a recession? “That’s not the definition,” Jean-Pierre insisted.

Even the economist and Nobel Prize winner Paul Krugman He told the audience “For ignoring the two-quarter rule…we may have a recession, but we’re not in a recession right now.” Cameron Winklevoss, co-founder of Gemini Exchange, made it clear that he does not believe the Biden administration’s experts.

“According to the White House and ‘experts’, we are not in a recession,” Winklevoss Wrote Thursday. “According to the numbers (two consecutive quarters of lower GDP), we are in a recession. I trust the numbers because the numbers don’t lie, people do.”

The BEA GDP report follows the US Federal Reserve’s hike of the federal funds rate by 75 basis points for the second time in a row this week. “The Fed is working urgently to bring down inflation,” Federal Reserve Chairman Jerome Powell said on Wednesday.

Tags in this story

75 basis points, BEA, benchmark rate, bureau of economic analysis, CPI, economics, Fed, Fed, GDP, GDP data, GDP, hot inflation, inflation, Janet Yellen, Joe Biden, Northman Trader, Paul Krugman, Taming Inflation, US Federal Reserve, US Central Bank

What do you think about the decline in the gross domestic product of the US economy for the second consecutive quarter? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for News about the disruptive protocols emerging today.

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