Two quarters of GDP decline. Unofficially, that's a recession barometer.

The National Bureau of Economic Research, the official arbiter of recessions, has said nothing.

Signs suggest it could be there by the end of the year or early 2023.

"Joe Biden has officially plunged America into a recession," Florida Republican Sen. Rick Scott said.

70% of the economy depends on American consumer spending.

Government spending rose 1.1% in June, just enough to beat inflation.

Bank of America CEO Brian Moynihan said 60 million consumers are "spending more"

"July 2022 has 10 percent more days than 2021," he said. Their balances "are much higher than during the pandemic."