One of those, I’ve got some good news and some bad news moments. Which do you want to hear first. He has some interesting thoughts but also hedges a bit.
Does it really matter?
The Administration and the media enablers will simply redefine “recession” in true Orwellian fashion.
It doesn’t really matter to someone who’s being killed by the record inflation and doubling of interest rates what Geeze, Biden, the democrats or their buddies in the media call it. They just know that Bidenomics is keeping them from getting ahead and delaying their American dream.
I read a whole article how the government doesn’t define a recession. It is defined by a non-profit group. As such, we were never in a recession.
I could have always swore the government had a definition for a recession.
THe claim is inflation is down 2%. I call bullshit. Groceries are still much more expensive than they were in the past. That is something the average family can’t afford.
The trouble with a “reduction in inflation” is that there is still inflation, which disproportionately harms poor people.
8% inflation is outrageous. A 2% drop is 6%, which is still bad.
Even if the inflation drops all the way to 2% (the Fed’s stated target), that is still increasing the prices that are already hurting people; it is simply doing it slower than before.
Celebrating a drop in inflation is kind of like politicians celebrating a smaller deficit than they originally expected. We are still spending ourselves into bankruptcy, only slower.
The Fed’s entire game is transferring wealth from working class citizens to the wealthy elites. Making the latter richer on paper while people with real jobs can afford less & less.
Arguing about the details is missing the point & a waste of time.
Sarge has already done that, during and after Biden’s first recession.
Excellent point. Another politician scam is if there was a 2 billion dollar increase in a program last year and only a $1.9 billion increase this year they say there was a cut. Bullshit.
For decades the consensus was that a recession is two consecutive quarters of negative GDP.
But during the most recent recession the Administration and the media chose to go full 1984 and not rely on that definition.
That is why I brought it up.
Here is a news article on it.
I remember that coming out when they were trying to poo poo away the first recession under Biden.
You’re still smarting over that first, predicted Biden recession, that never happened. Get over it, it’s been years now… let it go, you’ll feel so much better.
As I’ve pointed out before, recessions are not officially declared based upon just one metric. Even conservative financial media and experts accept this. When NBER is the official referee on and have never issued a recession call under Biden. Like a good medical professional they make a reason diagnosis bases on a host of factors and symptoms. Negative GDP being one, and even that was never very negative and quickly recovered.
No, the real recession that happened by the commonly defined definition.