Commentary
Economic indicators in the United States and communist China reflect that, despite denials by leaders in both countries, the two biggest economies in the world have been contracting since 2021. And recession poses real problems for Chinese leader Xi Jinping and the Chinese Communist Party (CCP): problems that are strikingly similar to those faced by President Joe Biden and the Democrat Party in the United States.
Let us examine the issue.
Recession in the United States
For decades, the standard macroeconomic definition of a recession has been “two consecutive quarters of declining gross national product.” As CNN reported, “Gross Domestic Product … fell by 0.9 percent on an annualized basis from April through June.” This followed a GDP shrinkage in the first quarter of 2022 at an annualized rate of 1.4 percent. A slam dunk, no?…