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Despite the Democrats’ best efforts to spin it otherwise, the GDP report merely confirmed what we already knew.
(Doug Andrews, Patriot Post) Weeks ago, the Democrats circled today’s date on the calendar and began hoping against hope that the news would be better — that the headlines wouldn’t make official what we’d already been feeling in our bones.
No dice. We’re in a recession. As The Wall Street Journal reports:
The U.S. economy shrank for a second quarter in a row — a common definition of recession — as businesses trimmed their inventories, the housing market buckled under rising interest rates, and high inflation took steam out of consumer spending.
Gross domestic product, a broad measure of the goods and services produced across the economy, fell at an inflation and seasonally adjusted annual rate of 0.9% in the second quarter, the Commerce Department said Thursday. That marked a deterioration from the 1.6% rate of contraction recorded in the first three months of 2022.
The formula is simple, really, and it’s been generally understood and applied for the last 10 recessions we’ve experienced…Read the rest