U.S. Gross Domestic Product declined .9 percent in the second quarter of 2022 according to the Bureau of Economic Analysis. Thursday's report makes for the second consecutive quarter of negative GDP movement, after declining 1.6 percent in the first quarter, and makes the Biden recession official.
The Bureau of Economic Analysis reported that the decrease in real GDP "reflected decreases in private inventory investment, residential fixed investment, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by increases in exports and personal consumption expenditures (PCE)" while [i]mports, which are a subtraction in the calculation of GDP, increased."
As Townhall reported in April, initial data for Q1 showed GDP declining 1.4 percent, a negative read that was revised last month to an even greater contraction of -1.6 percent.
Data be damned, the Biden administration has launched a frenzied attempt to redefine the term "recession" and insists that a recession is not here while the president himself on Wednesday told Americans "we're not going to be in a recession."
In a statement released after the Q2 GDP number debunked Biden's claim and proved the U.S. economy is in recession, the president still tried to brag about "last year's historic economic growth" and "regaining all the private sector jobs lost during the pandemic," Biden further tried to revise history by saying "it's no surprise that the economy is slowing down."