The nation's gross domestic product numbers may have improved slightly in a revision announced Thursday morning, but there is still a mild recession underway, economist Stephen Moore, a former senior economic adviser with the Trump White House and founding president of the Club For Growth, said on Newsmax.
"The number was revised in an improvement, but it was still negative for the first and second quarter," Moore said on Newsmax's "National Report." "We are in a mild recession right now; no question about that. The thing that's most concerning to me is that report that came out this morning is looking in the rearview mirror."
The report, issued by the Commerce Department, showed the U.S. economy shrank at a 0.6% annual rate from April through June, a slight upgrade from an initial estimate of 0.9%. The new rating still means a second straight quarter of economic decline, which many experts say is a sign of a recession.
"The real question Americans want to know is where we're headed, and I hate to tell you this, but I've been looking at almost all of the key statistics: manufacturing. construction, housing, consumer spending, small business confidence, and almost every one of those is headed south, so it's hard to see any improvement in the economy," said Moore. "I would have to say that things are getting worse, not better."
Moore also said he's angry over the economy.
"I believe that if we just stuck with the Trump policies the U.S. economy would be booming right now," he said. "There's no reason why the U.S. economy isn't in an incredible skyrocketing fashion, except for the fact that Biden has put in place all of these policies in taxing and spending and regulating that hurt economic growth."
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Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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