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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.

See more from Springboard about how inflation in the technology sector has remained low and why anti-tech bills will make the situation worse here, here, and here.

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Learn more about how growth helps all Americans

Hostility to innovation and technology diminishes the incredible Internet-enabled opportunities that leading tech services provide: empowering consumers, driving prices down and increasing choice, and providing platforms to help entrepreneurs grow their businesses. It has given us a golden era of entertainment, knowledge, and everything from fashion startups, to booming mom and pop stores, to the latest app.

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Springboard provides data, insights, and perspectives on the benefits that competition among leading tech services delivers for consumers, businesses, and communities -- advancing ideas that keep tech empowering people.

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