A Brand New Economy Report Will Send Biden Back To The Basement!

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Well, the woke media companies won’t bother reporting this… They might drag Biden to the basement.

It was confirmed by the IHS’s June reports that in May and June the economy went nowhere; it was easily predicted based on the data that was provided a week ago.

Below are the revised figures that were recently reported mostly for four months:

  • March – $19.251T
  • April – $19.358T
  • May – $19.364T
  • June – $19.357T

From the May IHS report in the months of March, April, and May were all revised slightly downward — to the point where the statement “The total size of the economy has now surpassed its pre-pandemic level” is true, but if numbers are revised downward even the slightest amount in  August or September then could easily become false.

“The GDP level in June was actually 0.1% below and second-quarter average at an annual rate.” The IHS narrative identified that in May and June the economy was clearly stalled as seen in the graphic below.

It was also evident that before President Trump left office he returned the economy to 92% of the previous high.

The performance of this second quarter is NOT “solid. It was seen in different media reports that IHS’s data also makes a mockery of several statements:

– ” the nation has achieved a sustained recovery from the pandemic recession.” Two flat months indicate that the recovery is anything but “sustained” — especially with unemployment still near 6%, exploding federal debt, and declining wages.

– “For now, the economy is showing sustained strength.” Again, the past two months have been flat, at best.

– A cherry-picked statement about wages (“average hourly pay rose a solid 3.6% compared with a year earlier”) is a pathetic coverup of reality. It ignores the fact that government/BLS figures tell us that wages have fallen 2.3 percent in the first five full months of the new administration in real terms (CPI-U up 3.9 percent, wages up only 1.6 percent).

” the nation has reached a steadily recovery from the pandemic recession.” Two flat months indicate the recovery is anything but “sustained” – especially with the unemployment rate still near 6%, exploding federal debt and falling wages.

– “For now, the economy shows continued strength.” Again, the past two months have been flat at best.

– Your seasoned statement about wages (“average hourly wages increased by 3.6% year-on-year”) is a pathetic cover-up of reality. It ignores the fact that government/BLS figures tell us that wages decreased 2.3 percent in the first five full months of the new government in real terms (CPI-U up 3.9 percent, wages up just 1.6 percent).

The latest monthly report from IHS and other recent data are more than likely ringing alarm bells at the White House and the Fed. Why would supposedly intrepid reporters with decades of experience and an extensive network of contacts like you not tell the public what is really happening?

Source: Thegatewaypundit