The GDP for the second quarter was announced today. It showed the second consecutive decline in output. This time it was a decline of 0.9%. Under the traditional definition of a recession (two consecutive quarters of declining output), the US economy is now in recession. If you read the news articles, however, the media is saying that we aren't yet in a recession. Huh? That's like telling a patient that his temperature is 102 degrees but he doesn't have a fever.
The real difference is that a Democrat is president. If we had a Republican president, all we would be hearing today is about the terrible recession facing the country. With Biden in office, we have a recession and high inflation at the same time, and it's no problem according to the media.
It's really sad because even the financial media is reporting this as a political matter. In the past, the financial media was mostly unbiased. Not anymore.
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