Americans for Limited Government President Rick Manning today issued the following statement in response to the Bureau of Economic Analysis’ report showing the second quarterly decline in a row of real, inflation-adjusted Gross Domestic Product, with GDP contracting by another 0.9 percent in the second quarter of 2022.
“The United States economy is officially in a recession with the past two quarters contraction being reported by the Department of Commerce’s Bureau of Economic Analysis. Most Americans already knew that the economy was in trouble due to the 40-year high inflation that has bloomed due to unnecessary federal government spending splurges since December 2020, intractable supply chain issues that are exacerbated by a Transportation Secretary, Pete Buttigieg, who is more interested in his next hoped for job than the one he currently holds, and U.S. based multinationals obstinate insistence in having their supply chains dependent upon the Chinese Communist Party rulers of mainland China.
“Joe Biden and his apologists will try to blame everyone from Putin to businesses for this economic contraction, but the ugly truth is that recession was the only possible outcome of his fundamental transformation policies which are putting a regulatory chokehold on domestic production. Democrats used to depend upon blue collar workers and the unions that represent them for their electoral success, and Joe Biden might be the last Democrat presidential candidate elected who outwardly appealed to workers in hard hats. Unfortunately, his administration’s determination to sentence America to global dependency, most notably but not only in the energy sector, is an economic death sentence to much of middle-class America.
“The Biden administration’s determination to outsource all environmental risk is guaranteed to outsource all of the jobs that come with that risk. Joe Biden argues that there cannot be a recession without job losses. What will he say when the full impact of his policies trickle down to workers later this year when the unemployment lines are the only things that are growing. I hope this does not happen, but it is the inevitable consequence of an administration at war with the engine of the American economy.”