President Joe Biden does not want to admit it. But let me tell you that it is now confirmed that the American economy is in recession.
Latest data show that the gross domestic product (GDP) fell 1.6 percent in the first quarter and fell 0.9 percent in the second quarter. Many textbooks define “recession” as two consecutive quarters of negative growth of GDP. That is exactly what we have now in America – two consecutive quarters of negative GDP growth.
Even before the release of economic data earlier today, it was pretty obvious to hardworking Americans that the country is in recession. Since President Biden started office, the American people have suffered because of high gas prices, inflation, supply chain problems, workforce issues, and much more. Economic problems spread across the country, hurting American families’ budgets.
We are facing such economic problems because of unnecessary government spending, Democrats’ opposition to domestic fossil fuels, the Biden administration’s failure to ensure smooth supply chain operations, etc. The Biden administration has failed to ensure sound economic policies, and people are suffering as a result.
And now, President Joe Biden is not accepting the reality. He continues to say that the economy is not in recession.
It is time for President Biden to admit that the economy is in recession. Furthermore, he and his administration must accept that their policies have caused the crisis that we face today.