(TheRedAlertNews.com) – BREAKING NOW: Despite the denials of President Joe Biden and his administration, the United States has officially fallen into a recession.
For decades, the accepted definition of an economic recession has been when the country experiences two successive quarters of a decline in the gross domestic product (GDP).
As CNBC notes, that troubling benchmark was reached today.
“The U.S. economy contracted for the second straight quarter from April to June, hitting a widely accepted rule of thumb for a recession, the Bureau of Economic Analysis reported Thursday.
“Gross domestic product fell 0.9% 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%…
“[A] second straight negative GDP reading meets a long-held basic view of recession, despite the unusual circumstances of the decline and regardless of what the NBER decides. GDP is the broadest measure of the economy and encompasses the total level of goods and services produced during the period.” [emphasis added]
What is your opinion? Do you believe the United States has fallen into a recession? If so, what do you think is the cause of the recession? Please share your reaction and thoughts by emailing [email protected]. Thank you.
THIS IS A BREAKING NEWS REPORT FROM RED ALERT NEWS.
The U.S. economy shrank at a 0.9% annual rate last quarter. That marks a second straight quarterly decline in GDP—a common definition of recession. https://t.co/RC7swzQ6Qe
— The Wall Street Journal (@WSJ) July 28, 2022