Twitter is flooded with notes about the recession as Joe Biden addresses concerns about the US economy. Official figures released on July 28 show that the economy contracted for the second consecutive quarter in 2022.
The International Monetary Fund also predicted a global recession, citing the epidemic and the ongoing war in Ukraine. It has been claimed that the global economy is facing an “increasingly bleak and uncertain outlook”.
Meanwhile, POTUS said he was not surprised by the slowing economy as the Federal Reserve works to bring down inflation.
“We are on the right track and we will emerge through this transition stronger and safer,” the president emphasized.
Rising fears about a recession have turned into funny memes on Twitter as people have differing opinions to share about the global financial crisis and leaders’ reaction to it.
Funny slack notes on Twitter
Maybe we should start getting ready
When someone says “We’re not in a recession”
Dance it if you can…
Yes, any recession?
When the White House says we may be heading into a recession
“Every media outlet, newspaper, or Twitter account is trying to tell us that this is not a ‘technical’ recession.
Calculate!
No, we are not…
What does it mean to be in a recession?
The common notion associated with a recession is that it occurs when two consecutive quarters experience negative growth.
However, this is not exactly what determines whether we are in a recession. The National Bureau of Economic Research (NBER) uses a number of factors to define a recession.
The official definition reads: “A significant decline in economic activity that spreads through the economy and lasts more than a few months.”
Joe backed his argument by saying that employers are still hiring, manufacturers are still investing and unemployment is at a 50-year low.
If you’re looking for an expert opinion, says Dick Baker, co-founder of the Center for Economics and Policy Research, “NBER would laugh at stocks if they said we had a recession when we were creating 400,000 jobs a month. I can’t even imagine they would think for a moment that we’re in a recession” .