Economic data released by the Bureau of Economic Analysis (BEA), confirmed on Thursday that the United States has entered into a recession.
According to the BEA, the U.S. economy contracted for the second straight quarter from April to June, hitting a widely accepted definition for a recession, the Bureau of Economic Analysis reported Thursday.
Gross domestic product fell 0.9 percent at an annualized pace for the period, according to the advance estimate. That follows a 1.6% decline in the first quarter and was worse than the Dow Jones estimate for a gain of 0.3 percent.
“This is an economy that’s weakening at a much faster rate than most people expected, said economist Mohamed A. El-Erian on CNBC Thursday morning. “Inflation is not going to come down fast enough given how fast the economy is weakening and that’s going to put the Fed in the same dilemma it’s been in.”
"This is an economy that's weakening at a much faster rate than most people expected," says @elerianm on the latest GDP data. "Inflation is not going to come down fast enough given how fast the economy is weakening and that's going to put the Fed in the same dilemma its been in." pic.twitter.com/uwBAml3bVq
— Squawk Box (@SquawkCNBC) July 28, 2022
Economists have traditionally defined a recession as two consecutive quarters of economic decline.
Biden’s economic team, most notably National Economic Council (NEC) Director Brian Deese, have sought in the past week to cushion the blow of the bad economic news by broadening the definition of recession to include other variables, such as employment numbers.
In reaction to today’s report, Deese told CNBC that everyone “expected” to see the economy slow down as we “transition.”
“We’re certainly in a transition and we are seeing slowing as we all would’ve expected,” he told MSNBC on Thursday.
Biden’s NEC Director Brian Deese on two-quarters of negative growth: “we’re certainly in a transition and we are seeing slowing as we all would've expected." pic.twitter.com/E5Dm8zIMK2
— RNC Research (@RNCResearch) July 28, 2022
Deese has been claiming for weeks that the U.S. economy is going through a “transition,” not a recession.
WH economic advisor Brian Deese: “We are seeing a slowing [economy], that is not only expected but necessary, as we operate through this transition.”
— The Post Millennial (@TPostMillennial) July 25, 2022
Biden’s Economic Advisor Brian Deese: “We are seeing things slow as you would expect in this context … as we are in this TRANSITION.”
— The Post Millennial (@TPostMillennial) July 26, 2022
— Grabien (@GrabienMedia) July 26, 2022
Deese attempted to explain what the talking point means last week during an appearance on Bloomberg’s “Balance of Power.”
“[W]hat we see is a transition, a transition that many anticipated and in fact, many called for. It is consistent with a Fed tightening cycle and it’s a transition from a historically strong and also bumpy economic recovery to a transition where our goal is to get to a more stable and steady pathway of growth. And so, what you see in that transition is that some of the most accelerated and aggressive parts of the recovery are coming down a bit.”
Regime critics believe the term refers to something more sinister.
Because the Biden administration supports the United Nation’s Agenda 2030, and the World Economic Forum’s “Great Reset,” many believe the “transition” he speaks of refers to the globalist push to “reset” human civilization with fascistic and totalitarian policies through a planned economic collapse.
It’s hard for many people to believe that Biden regime’s handling of the economy could be as disastrous as it is without it being on purpose.