Q2 Marked Two Consecutive Quarters Of GDP Decline; Now Is No Time To Stifle The Engine of Our Economy With Shortsighted Anti-Tech Legislation
The U.S. GDP fell 0.9% in Q2, marking the second consecutive quarterly decline, meeting the standard definition of a recession. Meanwhile, the digital sector continues to serve as a rare bright spot for the economy—over $450 billion has been spent online YTD, increasing 7.5% YoY. Digital inflation continued to slow to 0.3% in June, according to the latest digital inflation data from the Adobe Digital Price Index (DPI).
With economy-wide inflation at record highs and GDP declining, it is important to remember that anti-tech bills being considered by Congress could make inflation and the overall economy worse by raising the prices of deflationary, low-cost, and free digital services.