We reported previously that a devastating economic report is coming, with the second quarter of negative GDP growth almost certain. The White House must come up with a way to communicate the political reality of a recession.
One option is to redefine the term. The Council of Economic Advisors and Administration officials insist that there has been no recession in the past two quarters. This is the traditional definition of a “recession” you have learned for many decades. Joe Biden’s economy “is different” and low unemployment must be treated as the most important, disregarding both collapsing growth rates and staggering inflation.
Biden has made it clear that he will lie to the American people. What incentive is there to do otherwise? On Monday, he asserts that there will not be a recession. This sounds very similar to his previous proclamation of an inflationary boom. Is it possible to believe what this man says?
Biden: “We’re not gonna be in a recession in my view” pic.twitter.com/A9Y8TaQRhu
— Greg Price (@greg_price11) July 25, 2022
It is not my intention to ruin the story, but we are already experiencing a recession. We know that the official GDP growth number will be negative for the second quarter, which ended in June. There’s also the fact that the yield curve is inverted, which is a characteristic of every recession in modern times. Combine that with the sky-high inflation and you have no doubt.
Biden didn’t stop insulting intelligence. Biden then went on to claim that we are in a period of “rapid growth”
Biden predicts there won’t be a recession: “We’re not going to be in a recession, in my view. The [un]employment rate is still one of the lowest we’ve had in history, it’s in the 3.6 [percent] area. We still find ourselves with people investing. … “ (1/2)
— Peter Baker (@peterbakernyt) July 25, 2022
Let me clarify. Six months of negative GDP growth in the US is considered “rapid growth”. This is absurd. It doesn’t make any sense on Earth. It is either a sign of his senility or rank dishonesty that Biden would agree to this line.
Worse, Biden suggests that things will slow even further, probably because he doesn’t realize what he’s saying. We will see even slower growth and negative growth. Is that what you want for your economy?
This gas-lighting approach is not going to work. Americans are aware of the pain in their wallets. It doesn’t matter if you try to make it seem happy or redefine terms. Biden can smile and pretend everything is fine. But everything isn’t okay. Americans can only wish that things don’t get worse before the inept old man leaves the White House.