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Editors: This story has been updated with the latest figures.
It was only days ago that a report at MarketWatch claimed the U.S. economy “supposedly shrank” during the first six months of 2022, but the nation’s economy was “primed to grow again in the third quarter.”
In fact, it would definitely not based on recent projections from the Atlanta Fed.
That organization has been reporting it expected negative “growth” for the third quarter. Then on Tuesday it changed its projection to include a fractional growth of 0.3%.
The ordinary definition of recession is two straight quarters of falling numbers, and it’s already confirmed that the GDP fell at a rate of 0.6% in the second quarter,
The first quarter drop was higher.
Inflation under Joe Biden’s policies also has been the highest in decades, reaching 9.1% in June, although it’s eased a fraction of a point since then.
The Producer Price Index also peaked at 10.3% in June, and is down only slightly since.
The Federal Reserve repeatedly has raised interest rates, which hit hard and low- and middle-income families most, to try to cope.
The third quarter prediction from earlier this week:
Atlanta Fed just predicted that the GDP will have negative growth for the 3rd Quarter. That’s 3 Quarters in a row that our GDP has shrunk.
— Charles Sutton (@CharlesMSutton) September 21, 2022
The Gateway Pundit posted the news, at the time, with the comment: “THE BIDEN DEPRESSION – The Atlanta Fed predicted the GDP will have NEGATIVE growth for the third straight quarter this year.”
Multiple Biden defenders have claimed that it’s not really a recession, despite the evidence at hand.
The Daily Caller News Foundation, in fact, quoted New York Times columnist and economist Paul Krugman saying Americans only believe that because of a “media failure,” not because of the $5 a gallon gasoline and double-digit increase in food prices this year.
He said during a televised interview, “If you ask people, ‘How are you doing?’ they are pretty — they’re pretty upbeat. You know, there are signs that you know, people are complaining now especially, but things like gas prices, although those have come down in the last six weeks. But if you ask people, ‘How’s your financial situation?’ it’s pretty favorable. If you ask them, ‘How’s the economy?’ they say, ‘Oh, it’s terrible.’ And that’s a media failing. Somehow, we are failing to convey the realities of what’s going on to people.”
Krugman claimed there’s no recession looming.
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