Are We In A Recession? The Answer Won’t Surprise You

5 Ingenious Ways to Protect Your Financial Health Before a Storm

KR Franklin

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Image by Miroslava Chrienova from Pixabay | Are We In A Recession?

On July 28, 2022, the latest GDP (Gross Domestic Product) numbers were released by the Bureau of Economic Analysis. Within the report, there was a -0.9% print for the second quarter of 2022. Traditionally these numbers would have been enough to raise the recessionary alarm bells across the mainstream news outlets, but that’s not what happened.

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US GDP Numbers | Bureau of Economic Analysis | Are We In A Recession?

Instead, White House and Federal Reserve officials announced, just days before the report, that the term recession needed — a makeover. They concluded that the US economy was experiencing a period of “stable growth,” instead of a significant contraction despite the data.

This has left many confused. Many are wondering, “are we in a recession?” Should one use the technical definition of the word and begin preparing for a financial winter that could last years? Or, should one believe what the White House promoting? Regardless of what side you may lean towards, you cannot deny what has been happening in the economy.

Inflation is roaring to multi-decade highs. The inflation rate has not been this high since the late 70s when the U.S. economy was suffering from stagflation and a recession. Families across America are feeling the pain. Prices of gas, food, and day-to-day essentials have risen by double-digit percentage points, and its forced everyone to cut back. And, the pain does not have any end in sight.

What’s worse is simultaneous demand destruction immediately leads to an economic contraction also known as a recession. And, it is as simple as that. The cards have been dealt and one does not need to look any further than the world around you.

“A recession is a significant, widespread, and prolonged downturn in economic activity. Because recessions often last six months or more, one popular rule of thumb is that two consecutive quarters of decline in a country’s…

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KR Franklin

Just a writer trying to make a dent in the universe, one typo at a time.