Biden’s eco­nom­ics pitch under­cut by prospect of reces­sion

Pres­i­dent Joe Biden’s eco­nom­ics mes­sag­ing is being under­mined by Trea­sury note and bond yields reach­ing bench­marks not seen since before the Great Reces­sion.
But unde­terred by the threat of reces­sion before next year’s elec­tion, Biden is under­scor­ing so-called Bide­nomics in his offi­cial and cam­paign capac­i­ties.
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Although gross domes­tic prod­uct remains pos­i­tive, fed­er­al gov­ern­ment revi­sions reveal “trou­bling trends,” espe­cial­ly that eco­nom­ic growth is being cre­at­ed by pub­lic rather than pri­vate spend­ing, accord­ing to Her­itage Foun­da­tion fed­er­al bud­get fel­low EJ Antoni.
“Gov­ern­ment spend­ing tem­porar­i­ly caus­es an increase in GDP, just sim­ply because of math­e­mat­i­cal­ly how we cal­cu­late GDP,” he told the Wash­ing­ton Exam­in­er. “That’s not some­thing that is ever sus­tain­able in the long run.”
While many econ­o­mists pre­dict there will be a reces­sion by the end of the year or ear­ly next year, Biden can mit­i­gate it by decreas­ing gov­ern­ment spend­ing, per Antoni. “Hope­ful­ly” the reces­sion arrives “soon­er r …