U.S. GDP has contracted for the second consecutive quarter. On July 28, the Commerce Department reported that gross domestic product had fallen by 0.9% between April and June.
The United States has been in negative GDP for the first six months of this year, which has traditionally meant that it is in recession. The figure for the first quarter was -1.6%, according to the Bureau of Economic Analysis (BEA).
However, the Biden Administration has made every effort to avoid using this term to deny the economic chaos that is going on around it.
Biden Torched on Twitter
U.S. President Joe Biden downplayed the gloomy economic report by insisting that it doesn’t “sound like” the U.S. had entered a recession in a Thursday speech at the White House.
The Septuagenarian Democrat took swipes and media reports stating that the country was technically in a recession.
I’ve never seen Biden move faster than today when he said, “That doesn’t sound like a recession to me…” and immediately ran away from reporters. pic.twitter.com/fGT7PwuuC5
— Tim Young (@TimRunsHisMouth) July 28, 2022
Columnist and author David Marcus commented, “It’s reassuring to be lied to in such a calm and grandfatherly way.” Senator Ted Cruz added, “Live from the White House, Biden’s economy really is a happy-go-lucky fun time, and things are going great!”
According to reports, Twitter was loaded with similar comments about Biden’s blatant denial, quick exit, and refusal to answer questions.
Moreover, it has been reported that Wikipedia has changed its definition of recession before locking the page to further edits.
Wikipedia changed the definition of recession to favor the Biden regime, and then locked the page. pic.twitter.com/2HvzsavWbu
— Cernovich (@Cernovich) July 28, 2022
Earlier this week, the International Monetary Fund warned that there would likely be a global recession going into 2023.
Crypto Markets React
Despite the country technically being in a recession and inflation remaining at a painfully high 9.1%, crypto markets are in the green today.
Total market capitalization is up 3.9% on the day, reaching $1.15 trillion, according to CoinGecko. Since the current cycle bottom on June 19, markets have gained almost 34% to their current levels.
Bitcoin prices topped $24,000 for the first time in seven weeks following the news. BTC has now made 16% over the past fortnight. Ethereum is outperforming its big brother at the moment with a gain of 5.3% on the day, sending ETH prices to $1,730 at the time of writing.
Recession or not, the macroeconomic outlook for the remainder of this year is gloomy with a cost of living crisis, soaring fuel and energy prices, and rampant inflation across the globe.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
