Bidenpression: U.S. GDP Shrinks 0.9 Percent in Second Quarter

Bidenpression: U.S. GDP Shrinks 0.9 Percent in Second Quarter

The White House is desperately attempting to spin a narrative as the United States enters a recession under the failed leadership of Joe Biden and the Democrats.

The U.S. economy shrinks for a second straight quarter by an annualized rate of 0.9%. Most economists define a recession as two consecutive quarters of negative growth.

White House economic advisor Brian Deese is pushing back against the widely accepted definition of recession. He claims that a recession is not universally defined as two straight quarters of negative growth because some economists offer alternative definitions.

In an attempt to help the Biden White House, Deese says, “It’s not the definition that economists have traditionally relied on.”

However, this contradicts Deese’ own words in 2008 when he told the media that economists have a technical definition of recession, which is two consecutive quarters of negative growth.”

The U.S. Bureau of Economic Analysis’ (BEA) estimated the nation’s gross domestic product was worse than the predicted expansion of 0.5%.

A statement from the BEA reads: “The decrease in real GDP reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE).”

“Imports, which are a subtraction in the calculation of GDP, increased.”

Treasury Secretary Janet Yellen also attempted to claim the U.S. economy is simply in a “period of transition” under the Biden administration as “[economic] growth is slowing.”

This comment has sparked significant backlash from Americans on social media who say the Biden administration is desperately attempting to spin a narrative. READ MORE...

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