Recession and Stagflation Have Arrived Due to the Biden Administration and Congressional Democrats’ Bad Policies
Washington, DC (July 5, 2022) — The Atlanta Federal Reserve recently projected that the economy contracted by 2.1% in the second quarter of this year, meaning the U.S. economy is in a recession.
“The Atlanta Federal Reserve has confirmed what American consumers and small businesses already know: The nation is in a recession. With consumer sentiment at a 50-year low, this recession has long been clear for anyone who’s looking. Bidenflation means the nation is actually experiencing not only a recession but also stagflation. In early 2021 — before almost anyone else — I predicted that Democrats’ bad policies would lead to stagflation. That call has now come to fruition. Inflationary pressure will only grow in the coming months as China’s economy returns to capacity following the end of ongoing Covid-19 lockdowns.
“Watch for the White House to attempt to redefine a recession away from the standard definition of two consecutive quarters of negative economic growth to a broader definition that involves the unemployment rate. Yet unemployment is a lagging indicator, and the labor market isn’t as strong as the topline unemployment rate suggests. There are still fewer people employed today than before the pandemic. Yet even beyond the data, the on-the-ground experiences facing small businesses are clear: The economy is in a recession as the result of bad policies by the Biden Administration and Congressional Democrats.”