Gross domestic income was revised down from 1.4% to 0.1% in the second quarter this week.
The data used by the Biden administration as evidence that the country is not in recession was revised this week in the latest economic data package released by the Commerce Department. And one pundit told Fox News Digital that this is further evidence that the country is in recession.
The average of gross domestic product and gross domestic income in the second quarter was revised down from 0.4% growth to -0.3% after the GDI index was revised down from 1.4% to 0.1% , by numbers released by the Department of Commerce this week.
The data shows that the average of GDP and GDI, known as gross domestic product, was also revised into negative territory in the first quarter.
The Treasury Department and some economists cite the growth in gross domestic income and the GDO figure in recent months as evidence of a strong economic recovery and as a counter to the contraction in GDP.
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“Our broad and comprehensive recovery has outpaced that of many other major economies,” Treasury Secretary Janet Yellen said. said earlier this month. “And as measured by gross domestic income, our economy continues to grow and operate above levels that could have been predicted before the pandemic.”
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The Ministry of Finance has proposed July blog post titled “The Data Behind America’s Strong Recovery” says the continued divergence between GDP and GDI is “one of the important pieces of evidence that the US economy is growing stronger.”
The blog entry adds that the GDO “provides a rule of thumb for determining the true rate of economic growth.”
E.J. Anthony, a regional economics fellow at the Heritage Foundation’s Data Analysis Center, told Fox News Digital that the revised numbers confirm the country is in recession and refute the Biden administration’s argument that it is.
“Basically, Biden Administration, I think they were just looking for some positive news to take their mind off the fact that we are in a recession,” Anthony said. Of course, now they’re back to bite them because it turns out that GDI wasn’t nearly as high as they thought, either in Q2 or most of Q1.”
Anthony added that the “obscure” data was “the only thing the Biden administration could hang its hat on” and it is “strangely silent” about it now that it has “turned on them.”
“To put it simply, the Biden administration has no data points left to hide behind – recession confirmed,” Anthony wrote in the Daily Signal this week.
White House did not immediately respond to Fox News Digital’s request for comment.
GDP, the broadest measure of goods and services produced in the country, officially fell 1.6% year on year in the three-month period from January to March and fell 0.6% in the period April to June, meeting the so-called technical criteria. recession.
Megan Henny of Fox News contributed to this report.
Credit: www.foxbusiness.com /