The definition of a recession is two consecutive quarters with a falling GDP. We are halfway there after the GDP dropped by 1.4% in the first quarter. How is that possible? Biden and his sycophants in Congress and in the press keep telling us what a great economy Biden has created. With the alleged number of jobs created and economic data showing a huge upswing, how did the GDP drop?
Real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 6.9 percent.
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency … The “second” estimate for the first quarter, based on more complete data, will be released on May 26, 2022.
You can bet the rent that the Biden Caliphate will fake the numbers in May to show an increase in GDP. They have no clue about how to fix the economy, but they do know how to fix the numbers. That’s how Biden allegedly got 81 million votes. They used the same guy who counted farrakhan’s million man march.
A day after TGP’s second warning of a recession, Deutsche Bank reported the potential that a recession was in the works. Now only three days later, an expert from Bank of America is warning of a recession in the US.
A Bank of America analyst warned that the U.S. economy is deteriorating fast and could push the country into a recession just three days after Deutsche Bank predicted the fall to come in 2023 as the Federal Reserve tightens interest rates to tame surging inflation.
BofA chief investment strategist Michael Hartnett wrote in a note to clients: ”Inflation shock’ worsening, ‘rates shock’ just beginning, ‘recession shock’ coming.’
He added that in this context cash, volatility, commodities and cryptocurrencies could outperform bonds and stocks, a typical precursor to an economic recession.
The Federal Reserve on Wednesday signaled it will likely start culling assets from its $9 trillion balance sheet at its meeting in early May and will do so at nearly twice the pace it did in its previous ‘quantitative tightening’ exercise as it confronts inflation rates running at a four-decade high hitting nearly 8 percent.
A large majority of investors also expect the central bank to hike its key interest rate by 50 basis points.
Deutsche, the first major bank to offer the negative forecast on Tuesday, said the recession will be ‘moderate,’ but it would serve as yet another blow to already struggling Americans, CNBC reported.
‘The US economy is expected to take a major hit from the extra Fed tightening by late next year and early 2024,’ the bank’s economists said in a note to clients.