A new billboard has debuted that pokes fun at the Biden administration trying to redefine what a recession is. Newly released government data reveals that U.S. gross domestic product (GDP) declined for a second consecutive quarter this year, which now meets the definition of a recession. The GDP is a measure of the value of goods and services over a year.
The billboard itself
Where else would you put a billboard? The post debuted in Times Square on Friday, July 29th. Joe Biden is on the left side of the billboard, next to the lines “READ MY LIPS: NO NEW RECESSION.” Below the headline, it reads, “IT’S THE ECONOMY STUPID!” The billboard is a spinoff from George H.W. Bush’s famous line about taxes.
The Job Creators Network, a nonpartisan organization that believes government policy is getting in the way of the economy blossoming, commissioned the billboard. Alfredo Ortiz, JCN President, and CEO released the following statement concerning the billboard:
“This week’s GDP report confirms what Americans already knew—the economy is in a recession. Working families and small businesses are already feeling the squeeze as the economy slows and prices rise quickly in four decades. Unfortunately, the Biden administration is in denial and continues to do everything it can to message the recession out of existence.”
Are we really in a recession?
By definition, we are in a recession. But this situation differs from those that we’ve seen in the past. Even though the GDP has decreased over the year’s first two quarters, consumer spending has not slowed. So it remains to be seen what the fallout will be from this peculiar economic situation.
However, it doesn’t feel like it will bring in a ton of good news. The average consumer is feeling the heat. So now, it’s time to see how the economy rebounds or further spins out.