Biden recession

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GDPNow from the Atlanta Federal Reserve Bank.[1]

The Biden recession began in the first quarter of 2022, and was largely related to sanctions against the importation of crude oil from Russia to make gasoline which powers both private and commercial vehicles. Earlier, on the day the Biden regime seized the Oval Office, Joe Biden signed an Executive Order closing the Keystone XL pipeline and banning fracking, thus terminating America's energy independence and making the United States dependent upon the importation of Russian crude oil. Inflation, or excess printing of U.S. currency making the dollar worth less and less and lowering living standards, soared as result of both actions.

The Biden recession was a concession to the far-left climate change agenda to forcibly ween America, and Western Europe, off of fossil fuels and transition to a so-called "Green economy" with less carbon emissions and meat eating. Impoverishment of the middle class was a secondary side-effect, of secondary importance or concern to the ruling global elites.

After falling to all-time historic lows under President Trump,[2] Black unemployment rose under Biden while regime lackies and propagandists denied a rise in unemployment.[3]

By August 2022, 1-in-6, or 20 million American households were behind in their electric utility payments, facing termination of service.[4] On September 15, 2022 the Atlanta Federal Reserve Bank revised its GDP estimate for the third quarter of 2022 downward by more than 1 full point.[5]

In October 2022 the New York Post reported: "Since the start of this year, 401(k) plans have suffered $2.1 trillion in losses…The average 401(k) plan had over $135,000 at the start of this year. Today, those assets have shrunk on average to about $101,000…In other words, the average 401(k) plan is down about $34,000 — more than 25% in less than one year!...In terms of purchasing power, inflation also has brought the “real value,” in 2021 dollars, of the average 401(k) down another $5,000, from $101,000 to $96,000...More traditional pension funds also are getting flattened by inflation...At the beginning of this year, pensions in the US had $27.8 trillion in assets…Now, it’s under $24 trillion, a drop of about 15% that has wiped out the last two years’ worth of gains — nearly $4 trillion”.[6]

Try as they may, Biden's economic advisers and the mainstream media could not hide the rising Misery Index as the 2022 Midterm elections entered the final stretch; inflation was reported at 8.2% and unemployment rose 306,000 people to a total of 6.1 million or 3.7%, bring the Misery Index to 11.9%.

See also