The Bureau of Economic Analysis (BEA) has signaled that the U.S. is in an economic recession.
On Thursday, the Bureau of Economic Analysis released a report showing that U.S. GDP had declined for the second consecutive quarter with inflation still at a 40-year high.
As the BEA noted, real gross domestic product decreased at an annual rate of 0.9 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter.
RELATED: Recession
Lawmakers are speaking out on why they believe a recession is here, and many are pointing the blame straight at the Biden Administration.
Below is a rundown of the latest statements made by officials representing Mississippi.
Governor Tate Reeves (R):
Senator Roger Wicker (R):
Costs continue to rise, but @POTUS is downplaying the problem. https://t.co/gL7l3IAI5D
— Senator Roger Wicker (@SenatorWicker) July 28, 2022
“President Biden and his team are trying everything possible to avoid the truth – the U.S. economy is in a recession because of his economic policies. This pain was something that everyone could see coming, including the President. But instead of changing course, he has continued to push a hard-left agenda that claims even more taxing and spending is needed to fight inflation. Hardworking Americans are not interested in this destructive gimmick. They want the President to focus on real economic relief.”
Congressman Michael Guest (R):
The American people have felt the impact of a recession for months. It’s now officially here. The government cannot spend or redefine its way out of a recession. The only solution is to cut the wasteful spending and regulations that Democrats have implemented over the last year.
— Congressman Michael Guest (@RepMichaelGuest) July 28, 2022
“Across Mississippi’s Third Congressional District, I’ve spoken to people who are struggling under the economic crisis of the Biden Administration. They’re paying more for gas, groceries, and just about everything else. President Biden has focused on the political fallout a recession would have on his Administration instead of the real-world problems that affect the pocketbooks of the American people. The solution is simple — President Biden must admit his policies have completely failed and then work with Congress to reinstate the conservative economic principles that he has spent the last year and a half stripping away. Any other actions would only lead our country further into a recession — yet another crisis of this Administration that falls on the shoulders of hard-working Americans.”
Senator Cindy Hyde-Smith (R):
Today's negative GDP report is just bad news following a very, very long list of more bad news.
❌9.1% consumer inflation
❌11.3% wholesale inflation
❌(Another) big fed rate hike
It only makes sense that consumer confidence continues to drop. https://t.co/Tr5MWmKJxI pic.twitter.com/wkX7m2RBZ2— U.S. Senator Cindy Hyde-Smith (@SenHydeSmith) July 28, 2022
Congressman Steven Palazzo (R):
When the going gets tough, Democrats change the definition. Jokes on them though, you can’t disguise a recession as anything less.
— Steven Palazzo (@CongPalazzo) July 27, 2022
