The chief executive of RH, known as 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.
CEO of luxury furniture retailer Restoration Hardware says anyone who thinks US isn't in recession is 'crazy' as household net worth plunges by record $6.1 trillion in a quarter https://t.co/Fs25G0GnSO
— Unapologetic Fun (@stevewells11) September 10, 2022
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.
No recession risk? Twitter lit up with frustration over the woes of the economic recession as contractions in all sectors rose.
No recession risk?
— Daniel Lacalle (@dlacalle_IA) September 10, 2022
Yet Joe Biden does not work to fix the record high prices and pain; instead, as Arizona candidate Josh Barnett points out, Biden goes on another vacation.
Record High Inflation
Record High Gas Prices
What does Joe Biden do? Goes on vacation…again. smh
— Josh Barnett for Congress (AZ-01) (@BarnettforAZ) September 9, 2022
But he continues to insist that “America is back and America’s leading the way”
BIDEN: "America is back and America is leading the way!"
America is in a recession, prices have skyrocketed, and gas prices remain well over $1/gallon higher than when Biden took office. pic.twitter.com/Q99gtteRgO
— RNC Research (@RNCResearch) September 9, 2022