INSUBCONTINENT EXCLUSIVE:
economy has officially shrunk for two consecutive quarters which technically signals the start of a recession
where their money is being spent
The topic has triggered a massive debate as economists express opposing views as to whether a recession has began in America yet
The commonly used definition is two quarters in a row of shrinking gross domestic product (GDP)
at an annual rate of 1.6 percent
And now the commerce department has announced that GDP shrank again by an annual rate of 0.9 percent for the second three months of the
that decides when recessions start and finish has to announce it, which is why some are saying the U.S
The figures are bleak and will no doubt affect the Biden administration as it campaigns for a difficult midterm election in
However many reports mocked the U.S
President for trying to change the definition of the word
Other White House officials also tried to deflect talk of a recession by claiming that other parts of the economy are doing well, something
the economy grew by 6.9 percent (an annual increase in GDP recorded in the final three months of 2021 as the economy grew back after Covid
shutdowns.)The warning shots had already come from International Monetary Fund (IMF) just a day or two after Biden boasted about not
hit a world economy already weakened by the pandemic: higher than expected inflation especially in the United States and major European
the IMF states the conflict in Ukraine will add to the economic woes of major Western economies and high inflation may take longer than
levels by the end of 2024
meantime, pressure is mounting on the Biden administration
announced another percentage point increase in its interest rates as it also fights to tackle rising inflation.Prices rose at an annual rate
disarray with GDP data showing residential investment had fallen 14 percent in the second quarter, just as higher interest rates began
pulling up mortgage rates
Further increases will pose more challenges for the housing sector.While mismanagement over the Covid pandemic continues to play havoc,
experts say the fighting in Ukraine also triggered by the Biden administration has backfired by pushing up energy prices.The highest
inflation in forty years is taking its toll on families, with three-quarters of middle-income Americans stating their earnings are not
enough to pay for the cost of living, according to a survey.Americans with an annual earning of $30,000 to $100,000 are now under more
financial pressure than they were at the start of the pandemic, says Primerica, which polled almost 1,400 people, in that income bracket,
last month with regards to their financial views
The research group also says more Americans in this category are turning to credit cards and that more Americans are getting into debt to
lower and poorer classes of society? What has the Biden White House even offered to both of these categories in order for them to live a
administration continues to make announcements over the billions of dollars it is pumping into a war zone in Eastern Europe, instead of
is in massive debt, it has spent billions of dollars sending weapons to Eastern Europe
Washington but also the cost of living crisis has worsened
The cost of food in America and other vital services, in particular gas prices at the pumps, have skyrocketed as a result of another
governments are scrambling to find sufficient gas supplies, ahead of winter, as Russian imports of the commodity has significantly dropped.
