News Update – 7-29-22

In the news…

The US Gross Domestic Product (GDP) declined for the second straight quarter, which many think signals that our economy is either in recession or headed there. When economists expect the economy to grow by 0.3% but the Commerce Department data shows the economy contracting by 0.9% instead, then perhaps it’s time to hire better economists!

With inflation at a 40-year high at 9.1% in June, the Federal Reserve increasing interest rates by 0.75% for two straight months, and the GDP shrinking, many are concerned that Washington policymakers will be unable to curb inflation without a serious economic downturn. However, President Biden does not believe the country is heading toward a recession. On Monday he made these comments, “we’re not going to be in a recession in my view…”

Yet today, many believe we are already there, in a recession or on the brink. People are feeling the pain of rising prices and missing or smaller-sized items on store shelves. We look to policy makers to help create an environment in which we can thrive socially, economically, and culturally. However, as G. K. Chesterton once wrote, “It isn’t that they can’t see the solution. It is that they can’t see the problem.”

We are trying to make sure that they see and understand the problems. Join us in that mission!