Biden recession

GDPNow from the Atlanta Federal Reserve Bank.

The Biden recession began in the first quarter of 2022, and was largely related to sanctions against the importation of crude oil from Russia to make gasoline which powers both private and commercial vehicles. Earlier, on the day the Biden regime seized the Oval Office, Joe Biden signed an Executive Order closing the Keystone XL pipeline and banning fracking, thus terminating America's energy independence and making the United States dependent upon the importation of Russian crude oil. Inflation, or excess printing of U.S. currency making the dollar worth less and less and lowering living standards, soared as result of both actions.

The Biden recession was a concession to the far-left climate change agenda to forcibly ween America, and Western Europe, off of fossil fuels and transition to a so-called "Green economy" with less carbon emissions and meat eating. Impoverishment of the middle class was a secondary side-effect, of secondary importance or concern to the ruling global elites.

After falling to all-time historic lows under President Trump, Black unemployment rose under Biden while regime lackies and propagandists denied a rise in unemployment.

By August 2022, 1-in-6, or 20 million American households were behind in their electric utility payments, facing termination of service. On September 15, 2022 the Atlanta Federal Reserve Bank revised its GDP estimate for the third quarter of 2022 downward by more than 1 full point.