consumer confidence
Jul
29
2022
The cartoon depicts a Fox News reporter alerting President Biden to a large monkey labeled Recession clinging to his back. Biden responds by claiming the creature is his pet named Great Economy. The image responds to July 2022 reports of a second-quarter GDP contraction from the Bureau of Economic Analysis, which showed negative growth following weak consumer spending numbers. The visual ties into ongoing debates over whether the economy had entered recession territory despite administration statements to the contrary. It also references the CHIPS Act and remarks from Treasury Secretary Janet Yellen on economic conditions at the time.
