Liberty Nation Poll Results
We asked and you answered: This week’s poll results are in. Is the US officially in a recession and what did President Joe Biden’s trip to Saudi Arabia accomplish? Liberty Nation readers have weighed in with their opinions.
Is the US officially in a recession?
- Yes: 91%
- Too soon to tell: 9%
What is the rule of thumb for defining a recession? Answer: two consecutive quarters of negative growth in the economy – no matter how the White House and Democrats want to spin it. Well, the numbers are out, and it looks like most of our poll takers (91%) agree – the US is in a recession.
The Bureau of Economic Analysis released its report for the second quarter of 2022, pegging GDP growth at -0.9%. As Liberty Nation Economics Correspondent Andrew Moran remarked, “With the economy contracting 1.6% in the first quarter, two straight quarters of contraction marks a recession.” There are still two more reports to be released this summer, which could mean the US might yet avoid a recession, but, Mr. Moran indicated, “based on the history of revisions, the changes are mostly negligible.” In fact, as he pointed out:
“The July numbers are beginning to roll in, and they are not painting a pretty picture of the world’s largest economy just yet. The IBD/TIPP Economic Optimism Index remains in subzero territory, regional Fed surveys are in contraction mode, and the recent S&P Global US purchasing managers’ index (PMI) readings weakened considerably.”
Still, there are some who either don’t want to face the facts or remain hopeful the economy can pull through. Moody’s Analytics Chief Economist Mark Zandi said, “We’re not in recession, but it’s clear the economy’s growth is slowing. The economy is close to stall speed, moving forward but barely.”
What did President Biden’s visit to Saudi Arabia accomplish?
- Embarrassment: 94%
- Little of worth: 3%
- More oil: 2%
- Better Relations: 1%
With inflation digging deep into Americans’ pockets, outrageous gas prices, and the US apparently in a recession, President Joe Biden has to do something to ease the pain. But, as this week’s poll results show, his recent visit to Saudi Arabia produced much ado about nothing except embarrassment. Whatever his goals were, it appears the president failed.
Goal: More Oil for the US
Getting back to pre-COVID (and pre-Biden administration) times when the US was energy independent would be nice, but the powers that be eliminated that possibility when the president shut down pipelines and canceled out Donald Trump’s achievements. So, now Americans are forced to watch Trump’s successor grovel to Saudi Arabia and India for fuel.
Only 2% of Liberty Nation’s poll takers thought Biden’s trip to Saudi Arabia would produce more oil, but unfortunately, Saudi’s foreign minister, Faisal bin Farhan Al-Saud, said that increasing oil production would not be decided by the country’s politicians. Instead, that decision will be up to the Organization of the Petroleum Exporting Countries Plus (OPEC+), which also includes Russia. In other words, Saudi will continue dealing with Vladimir Putin and building their relations, which doesn’t look promising for the US.
Goal: Better Relations
Just 1% of our poll respondents thought the president’s 24-hour stay in Jeddah would produce better relations between Saudi and the US. And no wonder; Biden has publicly condemned Crown Prince Mohammed bin Salman (MBS) in the past and accused him of having a role in the murder of newspaper columnist Jamal Khashoggi.
And then, the world watched America’s commander-in-chief fist bump with a man he had called a “pariah” back in 2019. Not long ago, Biden said he would have no dealings with MBS. Yet, there he was, getting friendly with the “enemy.” If the president’s goal was embarrassment, it seems he has succeeded.
Thank you for participating in our poll. To see previous poll results, go here.