Originally published at City & State PA
Is the economy in a recession? Facts tell us yes – regardless of what the Biden administration claims.
Real U.S. gross domestic product (GDP) – our nation’s total economic output – declined by 0.9% in the second quarter of 2022, following a decline of 1.6% in the first quarter. Historically, economists have considered two consecutive quarters of negative growth a recession.
The Biden administration and media defenders challenge the standard interpretation of “recession,” arguing that other indicators show the economy’s in pretty good shape. But denying a recession is more about alleviating voter fear than accurately representing the current state of the economy.
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