Joe Biden is tanking our economy with reckless spending and out of control policies. Despite the White House denying we are in a recession, a recent analysis of our economy proves them wrong.
You don’t need to be a genius to know that our economy is in decline. In fact all you need to do is go to the grocery store.
According to TownHall, according to the government’s Bureau of Economic Analysis, the American economy shrank by -0.6 percent in the second quarter of 2022.
“The GDP estimate is based on more complete source data than the “advance” estimate released last month,” according to BEA’s release, and “it reflects primarily an increase in consumer spending and private inventory investment partially offset by a decrease in residential fixed investment.”.”
It was released on July 28 that the first GDP estimate for Q2 showed negative growth, -0.9 percent, for the period — that report made the Biden recession official by meeting the criteria of two consecutive quarters of negative economic growth after real GDP decreased by 1.6 percent. With Thursday’s number, Biden’s “build back better” economic agenda has confirmed that the United States is in recession.
Those confirmations of a U.S. economy in recession come as the Federal Reserve kicks off its meeting in Jackson Hole after levying a record-breaking four consecutive increases to interest rates. Inflation continues to outpace wage growth by several percentage points, despite the economic recession. On Friday, Chair Jerome Powell will address a tough audience of central bankers in Wyoming.
The report follows Biden’s press secretary’s denial that the United States is in a recession and attempts to redefine the term.
Meanwhile, there will be an increase in inflationary pressure on the economy as a result of student loan debt that will cost the American taxpayers over $300 billion. The Inflation Reduction Act passed by Democrats is another pile of steaming-bad policy that is sure to hurt the struggling economy even more.
According to the New York Times, On Wednesday, President Biden announced a plan to wipe out significant amounts of student loan debt for millions of Americans. Those earning less than $125,000 per year will have $10,000 in debt wiped out, and those who received Pell grants for low-income families will receive $20,000
While the debt forgiveness is less than what some Democrats had been pushing for, it came after months of deliberations in the White House over fairness and concerns that it could exacerbate inflation.
In addition, Biden announced that the pandemic-era pause on student loan payments would end at the end of 2019. There is no coincidence in the timing of the debt relief. A working class American will pay the price for Biden’s vote buying ahead of the midterm elections.
The Biden admin is rocking our economy. Every new policy from the White house comes with crippling debt, skyrocketing inflation and higher taxes. If Biden’s plan is to crash the economy, he’s doing everything right. Otherwise he’s proven time and time again to be an incompetent leader and America cannot take much more.