By Bonchie
This coming July 28th, the U.S. Bureau of Economic Analysis will release the second quarter GDP numbers, and all available signs point to a disastrous report. Current trackers have growth sitting at around -1.6 percent as of July 19th.
That means that according to the most traditional definition of a recession, the United States has already entered into one. US first quarter GDP came in at -1.6 percent, which combines with the second quarter drop to give the economy two straight quarters of negative growth. That is the technical definition of a recession. Further, the bond yield curve has recently inverted, something that has preceded every other recession in modern history.
What’s the White House to do with that devastating economic news dropping on their watch and as a result of their policies? Apparently, in a move that would make George Orwell cringe, they are going to simply redefine what it means to be in a recession.
Bracing for impact: Even if Thursday's GDP report shows a second consecutive quarter of negative growth, you won't hear the Biden admin using the R-word.
The Council of Economic Advisers is redefining what a recession is…🤔https://t.co/HHBYJKqP5V pic.twitter.com/gecR93vPPj
— Jacqui Heinrich (@JacquiHeinrich) July 24, 2022
I wonder if the “economists” cited by the White House in that statement are the same “economists” who said inflation would be temporary and transitory? That would make sense given how ridiculous it is to suggest that two straight quarters of negative growth combined with an inflationary boom and a yield curve inversion don’t qualify as a recession. After all, why be technical about something as important as analyzing the US economy when you can just have a panel of faceless economic advisors redefine the terms and proclaim that negative growth is actually a sign of strength.
Try to imagine a scenario where a Republican administration tried to rig the game like this. How do you think the press would respond? I’m pretty sure we’d be getting a deluge of articles asserting the dishonesty in not calling two straight quarters of negative growth a recession.
Instead, because this is Joe Biden we are talking about, we will continue to get tortured pieces about how low unemployment is the only indicator that matters.
Everything that needs to be done to restore the economy is the opposite of what the Democrats are willing to do. In fact what needs to be done is the reversal of everything idiot Biden has done to the economy to ruin it.
But, this is what the Democrats do; they ruin things and then they simply try to redefine what “bad” is. They’ve tried to redefine the lousy Obama economy as a “boom” and success, because Trump has so much of it, as failure. Democrats are incapable of succeeding so they have to redefine disaster as something we are really happy with.
Americas first elected Traitor and Globbalists was Bill Clinton then there was Barack Obama now Joe iden.The rule is never vote for anyone supported by the M.S. Media Gutter Dwellers
No matter how they attempt to soften the blow of just how dire the economy is, real Americans who live with the inflated costs day to day know all too well we are in a deep recession. This is not an economic dilemma that can be word saladed into nonreality.
Climate change, abortion or banning guns is not a November issue for real Americans. The democrat party message, whatever that may be, is falling on deaf ears. Voting for a democrat only worsens what we have experienced.
Democrats have grown very comfortable with lying. It is now all they do. They can’t afford the truth. They are a disaster and a failure so lying is absolutely necessary and, luckily for them, the corrupt media accommodates them nicely. If they tell people shit is cotton candy, the media will celebrate it as the sweetest cotton candy in history.
This shows what a minority the far left is and how little knowledge of the population of this country the Democrats have. The whiny crybabies just scream the loudest and commit all the political violence so it appears they are a majority. They aren’t; they are a loud, spoiled minority that undercuts the nation.
Rebranding a thing doesn’t make it a different thing.
Obama, in 2009, was trying (supposedly) to stimulate the economy when he created the “cash for clunkers” program.
You’d “sell” a used car (to the gov’t) and buy a new car and the economy would be “stimulated.”
But people bought totalled wreaks and 25-yr old cars to sell for the huge rebate of $4,000 to $6,000 and use that to get a new car for a lot less.
When Obama instituted the “Weatherization Plan,” program to insulate homes he tried to stimulate the economy be re-instituting the Davis-Bacon Act that promised all workers would get gov’t level wages.
Then Obama gave homeowners a “rebate” of about $70 per window, door and attic which workers gladly (and secretly) accepted as payment in full!
No improvement to the economy.
What joe is doing is along those same lines.
It doesn’t change the facts about a tanking economy to pretend it isn’t even a recession.