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Letter: Technically now in a Recession under Biden

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The Bureau of Economic Analysis revealed that the Gross Domestic Product contracted by .09% in the 2nd quarter. This follows a 1.6% negative GDP growth report for the 1st quarter, and technically meets the definition of a Recession. The Consumer Confidence Index is at a 1.5 year low. New homes sales are down, which will have a trickle effect on other sectors of the economy. The Federal Reserve just raised interest rates by another .75 basis points, making borrowing more expensive. Jobs growth has been robust, but many of the jobs have been in the low paying hospitality sector. Inflation is at a 40 year high. Meanwhile, Federal Reserve Chairman Powell and Treasury Secretary Yellen have said they do not believe we are in a Recession. These same folks said last year that inflation was "transitory." Senator Manchin has now caved to Democrat activists' threats and intimidation by announcing support for a mini-Build Back Better package, containing new taxes on corporations. How brilliant during a Recession!

Michael Wayne

Midtown

Disclaimer: As submitted to the Arizona Daily Star.


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