Biden denies recession after GDP decline, but economists say otherwise

Biden denies recession after GDP decline, but economists say otherwise

In The News

Biden denies recession after GDP decline, but economists say otherwise

The U.S. economy has shrunk for six consecutive months, according to federal data released Thursday. which led many economists to declare a recession. But the Biden administration is pushing back, arguing the U.S. is not in a recession after all…

“There has never been a time when the Business Cycle Dating Committee did not declare a recession when real GDP declined for two consecutive quarters since the availability of quarterly GDP data,” said Erik Randolph, the Georgia Center for Opportunity’s director of research. “In fact, the opposite is true. There have been two times, since the availability of the data, without two consecutive real GDP declines when the Committee declared them to be recessions. This happened with their declared 1960 and 2001 recessions.”

Randolph said not declaring a recession this time would be “unprecedented.”

“Who knows if and when the NBER Committee will declare whether we’re already in a recession, and for how long,” he added. “But if it doesn’t declare so despite the real GDP data, it would be unprecedented and require a good explanation. In the meantime, GDP gives perhaps the broadest measure of economic activity, giving a strong signal that we’re in a recession until such time economists work out their various methodologies to affirm or deny.”

 
Biden denies recession after GDP decline, but economists say otherwise

Amid Recession Fears, Economically Free States Continue to Outperform

In The News

Amid Recession Fears, Economically Free States Continue to Outperform

 

Florida Gov. Ron DeSantis recently responded to questions about California Gov. Gavin Newsom’s ads airing in Florida, “It’s almost hard to drive people out of a place like California given all their natural advantages, and yet they are finding a way to do it.” He noted that California is hemorrhaging its population because of bad progressive economic policies so that they could be more free

Florida ranks third in the nation for economic freedom, according to the Fraser Institute. And California ranks second to last…

Biden denies recession after GDP decline, but economists say otherwise

Local Nonprofit Breaking Down Barriers to Poverty | Peachtree Corners Magazine

In The News

Local Nonprofit Breaking Down Barriers to Poverty | Peachtree Corners Magazine

With gas prices soaring and supply chain issues driving up consumer prices, it’s not hard to imagine more individuals are struggling to make ends meet. Complicate those issues with a lack of education, medical issues, trouble within the home or other barriers to success and you find some families hanging by a thread. Some find themselves homeless.

The Peachtree Corners-based Georgia Center for Opportunity (GCO) is working to break down those barriers to ensure everyone has access to a quality education, fulfilling work and a healthy family life.

 
Biden denies recession after GDP decline, but economists say otherwise

Georgia House subcommittee to examine recruiting and retention challenges for state’s workforce | Jackson Progress-Argus

In The News

Georgia House subcommittee to examine recruiting and retention challenges for state’s workforce | Jackson Progress-Argus

A new state House subcommittee plans to examine the Georgia workforce’s challenges in recruiting and retaining talent…

Meanwhile, the Georgia Center for Opportunity has joined the Texas Public Policy Foundation and Louisiana’s Pelican Institute for Public Policy to create the Alliance for Opportunity. The group will explore the issue and develop recommendations to reduce the number of people in poverty.

“A subcommittee is a good first step but there aren’t any set deadlines yet for the committee so we will see where it goes,” Corey Burres, vice president of communications for the GCO, told The Center Square.

“The key is to understand that work is the solution to poverty. It helps communities and individuals thrive and find dignity,” Burres added. “As long as the system and policies work to drive that goal home, only good can come out of it.”

 

Read the full article here

 

Biden denies recession after GDP decline, but economists say otherwise

Experts say Georgia policymakers should remove governmental barriers to job creation | The Center Square

In The News

Experts say Georgia policymakers should remove governmental barriers to job creation | The Center Square

As the Consumer Price Index continues to rise, a Georgia nonprofit says the state should remove barriers to jobs to facilitate business growth.

The non-seasonally adjusted CPI rose 0.3% in April and has increased 8.3% in the last 12 months…

“Economics 101 teaches that increasing supply means both lower prices (lower inflation) and more employment and economic growth,” Randolph added. “Increases in demand have a trade-off between prices and employment/growth. Therefore, anything state governments can do to facilitate job growth and business growth will help mitigate inflationary pressures. In other words, enhancing the productive capacity increases supply, putting downward pressure on prices.”

 

Read the full article here