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Economic conditions continue to worsen while the Biden administration fails at protecting American families from inflation.
You know the Biden administration realizes the political soup it finds itself in when White House officials try to discount a report a week before its release. A blog post by the Council of Economic Advisers published last Thursday attempted to do just that.
This Thursday, the federal Bureau of Economic Analysis will release its advance estimate of second-quarter gross domestic product (GDP) for the quarter that ended June 30. With previously released data showing that GDP shrank by 1.6 percent in the first quarter, and many projections estimating negative growth in the second as well, the report could confirm two straight quarters of negative economic growth—the technical definition of a recession.
The White House wants to minimize these data points as a mere distraction. But the way in which they would ignore the suffering faced by millions of American families demonstrates an administration out of touch with the middle-class Biden claims to represent. A ‘Strong’ Economy—Really?
The White House blog post tried to rebut the notion that two-quarters of negative growth constitutes a recession, calling that metric “neither the official definition nor the way economists […]
Read the whole story at thefederalist.com
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