RedState has reported that a devastating economic report is in the making, and that a second quarter of declining GDP growth looks very likely. This means that the White House needs to find a message to counter the negative political consequences of recession.
The term has been redefined as one approach. According to the Council of Economic Advisors, administration officials insist that the definition of recession (which has been used for many decades in economic class) is no longer applicable. You see, Joe Biden’s economy is “different,” and we must treat low unemployment as preeminent, ignoring the collapsing growth and staggering inflation.
Biden, for his part, has chosen to lie to American people. After all what reason would he not? Here he is on Monday asserting that there won’t be a recession, which sounds a lot like his former proclamation that there won’t be an inflationary boom. This guy is still a believer.
Biden says, “We are not going into a recession in our view.” pic.twitter.com/A9Y8TaQRhu
— Greg Price (@greg_price11) July 25, 2022
Although I don’t want to spoil any of the details, we are. It is alreadyIn recession. We know that the official GDP number for the second quarter will be negative. Then there’s the fact that the yield curve has inverted, which has preceded every recession in modern history. Couple that with sky-high inflation, and there’s no doubt.
Biden wasn’t done insulting everyone’s intelligence, though. He then took the gas-lighting to the next level, asserting that we are currently in a period of “rapid growth.”
“ … My hope is we go from this rapid growth to steady growth. So we’ll see some coming down. But I don’t think we’re going to, God willing, I don’t think we’re going to see a recession.” (2/2)
— Peter Baker (@peterbakernyt) July 25, 2022
This is the truth. A full six months of negative GDP growth is actually “rapid growth” in the US economy? That doesn’t make any sense on any planet. It certainly doesn’t make sense here on earth. It is either an indication of his senility, or rank dishonesty that Biden would agree to this line.
Worse, Biden then suggests that things will slow down further from here, likely because he doesn’t even realize what he’s saying. What does this mean? We are likely to see slower growth and negative growth. Is that what you want for your economy?
The bottom line is that this gas-lighting isn’t going to work. Americans feel what is happening in their wallets now. It doesn’t matter if you try to make it seem happy or redefine terms. Biden can keep smiling and pretending everything is fine, but everything isn’t fine. Americans can only hope things don’t get markedly worse before this incapable old man finally leaves the White House.
This post was last modified on July 25, 2022 7:37 pm
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