Are We in a Recession?
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Are We in a Recession?
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The Biden administration is trying to redefine terms while our economy shrinks. We need the truth and we need prayer. They say we are not in a recession. What do you say? Please share in the comments.
From CNBC. Treasury Secretary Janet Yellen said Thursday the U.S. economy is in a state of transition, not recession, despite two consecutive quarters of negative growth.
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Recession, Yellen insisted, is a “broad-based weakening of our economy” that includes substantial layoffs, business closures, strains in household finances and a slowdown in private sector activity.
“That is not what we are seeing right now,” she said during an afternoon news conference at the Treasury. “When you look at the economy, job creation is continuing, household finances remain strong, consumers are spending and businesses are growing.”
Those comments, though, came on the same day that the Commerce Department’s Bureau of Economic Analysis reported that gross domestic product, the broadest measure of economic activity, fell 0.9% in the second quarter.
Coming on the heels of a 1.6% contraction in the first quarter, the two straight declines meet a commonly used definition of recession. The National Bureau of Economic Research, however, is the official arbiter of recessions, and likely won’t rule for months….
President Joe Biden and Yellen both touted the possibilities of a new bill that Democratic lawmakers apparently have agreed on to fight inflation. The legislation is aimed at raising tax revenue, lowering drug costs and investing in renewable energy….
How are you praying for our economy? Share your thoughts and prayers below.
(Excerpt from CNBC. Photo Credit: Getty Images)
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Comments
I remember under the Obama administration, when fuel and food prices, among other things, were higher than the previous year, but the White House press secretary stated that no, the federal guidelines no longer included food and fuel in the annual increase in the consumer price index, with the result that all of the cost of living adjustments were all lower than they would have been if the government had not changed the criteria and thus one more example of redefining terms.
Re-runs. Sometimes we enjoy them. Sometimes, we would rather leave the tv off all season than to endure them.
The German Mark was in trouble due to gross mismanagement. The solution was to spend their way out of, wait for it…, …, a recession. The result was a days wages could only buy a loaf of bread.
Enter stage left, one of the anti-Christs. World War 2.
Absalom is dancing to the screech of a loose stringed one string banjo saying it’s the resurgence of big band orchestra music with a contemporary flair.
Father, thank You for this opportunity to get off our laurels and seek You during this time of treason, murder, rape / abduction, economic warfare against us, the attempt at reviving the idea of the fallen ones-Nephilim (greek / roman human beasts) [transgender craze], and more.
Thank You that You STILL hear Your saint’s cry for help. Thank You that Your mercy is eternal and Your grace never waivers.
Father! Stretch out Your righteous right arm, smite the enemy and give us God loving and fearing leaders and judges, but remember Your word in Ezekiel, that You find no pleasure in killing the wicked, so turn their hearts to You so they don’t perish without You.
For You glory, for Your fame, in Your name, Jesus. Amen.
Lord with one voice we cry to you; heal our economy, restore this nation allow our natural resources to be used and get people back working again. Lord put an end to the wrong leadership and bring about the changes we need. We ask in the Name of Jesus come and redeem and restore our land.
Amen