The U.S. economy contracted another 0.9 percent in the second quarter of 2022, following a 1.6 percent decline in the first quarter and thus marking the second consecutive quarter of negative growth — usually thought to signal a recession. dailytorch.com/2022/07/u-s-fa… #recession
Since quarterly tabulation of the Gross Domestic Product began in 1947, GDP contractions in Q1 49 - Q2 49, Q3 53 – Q1 54, Q4 57 – Q1 58, Q4 69 – Q1 70, Q3 74 – Q1 75, Q2 80 – Q3 80, Q4 81 – Q1 82, Q4 90 – Q1 91, Q3 08 – Q2 09 and Q1 20 – Q2 20 have all accompanied recessions.
And then there were the non-consecutive quarterly contractions of GDP within a twelve-month period that occurred in 1960 and 2001, respectively, which similarly accompanied recessions.
That moves the cases of two quarterly contractions within a 12-month period, consecutive or non-consecutive to 12 out of 13 cases, or 92.3 percent of the time, with 1947 as the lone exception. Does Biden really want to bet we’re not in one?
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