WASHINGTON – U.S. Senator Roger Wicker, R-Miss., today released the following statement in response to a report that the national Gross Domestic Product (GDP) had shrunk for the second consecutive quarter, indicating the start of a recession.
“President Biden and his team are trying everything possible to avoid the truth – the U.S. economy is in a recession because of his economic policies,” Wicker said. “This pain was something that everyone could see coming, including the President. But instead of changing course, he has continued to push a hard-left agenda that claims even more taxing and spending is needed to fight inflation. Hardworking Americans are not interested in this destructive gimmick. They want the President to focus on real economic relief.”
Some key facts related to the state of the American economy:
- The National Bureau of Economic Research defines a recession as two straight quarters of Gross Domestic Product loss. Senior Administration officials, however, such as National Economic Council Director Brian Deese and Treasury Secretary Janet Yellen, refuse to use the term “recession” to describe the economy.
- The past 10 times GDP has dropped for two consecutive quarters, a recession has occurred.
- President Biden reportedly received advance warning as early as April 2021 that inflation could severely damage his presidency, but he did not change course.
- As of June, the average U.S. household is paying $450 more per month as a result of inflation, which has ticked up by more than 7 percent for 7 consecutive months.