The CEO of Restoration Hardware, Gary Friedman, said we are in a recession during an investor call on Thursday, calling anyone who thinks this is not a recession “crazy.”
‘I don’t know, people keep saying, are we going to be in a recession? We’re in a recession,’
‘Anybody who thinks we’re not in a recession is crazy. The housing market is in a recession, and it’s just getting started. So it’s probably going to be a difficult 12 to 18 months in our industry,’ he said.
Yet Biden continues to insist that America’s economy is strong.
The Daily Mail reported that despite 8.5% inflation and a contracting economy, Joe Biden insists that we are not in a recession. However, US household wealth, figured by subtracting debts from assets, dropped $6.1 trillion from $149.9 trillion at the end of March to $143.8 trillion at the end of June in a second consecutive quarterly decline.
The federal government debt also increased at a rate of 5.6 percent in the second consecutive quarter. Government debt increased by over 10 percent in the first quarter.
Arizona candidate, Josh Barnett, pointed out on Twitter that as record high inflation and gas prices persist, Biden goes on another vacation.
But Biden keeps insisting that “America is back and America is leading the way!”
