On Thursday, The Daily Caller reported the following:
President Joe Biden insists the U.S. is on the “right path” as the GDP report released Thursday shows two consecutive quarters of falling GDP which, by some definitions, indicates the economy is headed toward a recession.
The U.S. real GDP decreased at an annual rate of 0.9% in the second quarter of 2022, data released Thursday from the Bureau of Economic Analysis (BEA) shows. Biden said Thursday that the report is not surprising and the U.S. is in a transition period.
What we have seen in the past eighteen months or so is what happens when you reverse the policies of a successful businessman and replace them with policies dreamed up by a bunch of academics with questionable qualifications for the positions they hold. The policies that were responsible for the growth we saw under President Trump were almost immediately reversed by President Biden when he took office. In his first three days in office, President Biden signed 30 executive orders, seventeen on his first day. In April, 2017, CBS New reported the following, “Since he took office on Jan. 20, President Trump has signed a total of 77 executive actions — including 25 presidential memoranda, 24 presidential proclamations, and 29 executive orders, which are published in the federal register.”
The article concludes:
The Biden administration has consistently pushed back on claims the economy is in, or heading toward, a recession, publishing a recent blog post that argues that two consecutive quarters of falling GDP is not indicative of a recession. The National Bureau of Economic Research uses several factors to determine whether the U.S. is in a recession. Economist Julius Shiskin wrote in 1974 that two consecutive quarters of declining GDP is a good rule of thumb to define a recession. The definition has become somewhat of a standard, though other factors should be considered.
E.J. Antoni, research fellow for regional economics at The Heritage Foundation, told the Daily Caller News Foundation that technical definitions matter naught if Americans can feel it in their pockets.
“At the end of the day the average American family has been going through economic pain for the last 18 months; paychecks are going out the door faster than they’re coming in because of inflation, credit card debt is getting more expensive to service, regular folks can’t afford a home, gas and grocery prices are going up. In my opinion, if you go out and talk to regular Americans it is so blatantly obvious the economy is contracting.”
Americans are feeling the changes that have occurred in Washington. This is not the government our Founding Fathers envisioned. The federal government was supposed to be weak and the states were supposed to be strong. We are upside-down right now in our power structure. Right now we are have an elite class of politicians who are ignoring the interests of the Americans who elected them. That needs to change.