Add “noted” economist and New York Times columnist Paul Krugman to the list of left-wingers desperately trying to convince tens of millions of hardworking everyday Americans that the economy isn’t as bad as they It is there and that they aren’t suffering nearly as much as theyThey are.
As frustrating as life in Biden’s America™ has become for some, and devastating for others, it’s still humorous at times, watching Joe and Democrats — always aided by their useful idiots in the liberal lapdog media — blame everyone and everything else for crises they alone have foisted on the American people.
Their desperate attempt to change the long-accepted definition of “recession” is one such example.
The standard definition of recession for decades has been “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP (Gross Domestic Product) in two successive quarters.” Per that accepted definition, the U.S. officially entered a recession on August 1. But it did. Biden, Democrats and their media-savvy puppets, as well as various left-leaning economists, aren’t so sure. (Think: “Paul Krugman” — but we’ll get to him in a minute.)
As reported by The Hill on Saturday, under what amounted to a Biden-supporting headline — Are we in a recession or not? Only the National Bureau of Economic Research can make that determination — only the NBER Business Cycle Dating Committee is “in charge” of making an official call on whether the country is in a recession.
Is it possible? Even worse?
The Commerce Department released data this week that showed the U.S. economy declined for the second quarter. This has led to a renewed debate on whether it is actually in recession. Negative growth in two consecutive quarters fulfills a common definition for a recession — and it’s the official way of making such a call in some countries. But it’s not in the U.S., where a relatively under-the-radar group — the National Bureau of Economic Research’s (NBER) Business Cycle Dating Committee — is in charge of making an official call on whether the country is in a recession.
What is the purpose of this group and what are its proclamations?
My exact question. And, “some countries”? Those “some countries” included the U.S. for years — until the frantic efforts to declare the Biden Recession™ a “non-recession” began. You can see it here:
The Business Cycle Dating Committee is the NBER group that makes the actual call about the recession. Eight members make up the Business Cycle Dating Committee, which is made up of some the best economists in the country. [all of whom]Work at the best academic institutions in the country
The NBER’s formal definition of a recession is broad. According to its frequently asked questions page, the NBER’s traditional definition is “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.
The only thing “broad” in That is the definitionThe decades-long tradition standard definition is the shell-game switch from “two consecutive quarters” to “more than a few months.”
It was so convenient for Joe Biden His recess, huh? Anyway, Now let’s go to Paul Krugman — along with an extra bonus, CNN’s Mr. Potato HeadBrian Stelter also was all about it. He gleefully became more and more enthused as Krugman sang his song, pretending to be a journalist.
We will continue to mention the devastating fact that Krugman has been named a Nobel Laureate. Wait. Now that I think about it, that might have a “tiny bit” to do with the unabashed hypocrisy and complete lack of professional integrity this Mr. Know-it-All has demonstrated over the years.
As reported by CNN Business on Sunday, Krugman not only declared that the U.S. economy is not in a recession; he said the distinction doesn’t even matter. Do you see what I am referring to? Here’s more:
Although jobs are plentiful, it is possible that the employment market is declining. Although inflation remains high, it could be coming down. Is it important to use the R word or not?
Great question, Mr. Krugman. How ’bout you ask Biden and the Democrats, and get back to us?
The “noted” economist continued, observing that in today’s “divisive environment,” the debate over whether or not to use the word recession by some members of the media has become “especially vitriolic.” (In case you missed it, there was the set-up: It’s the media’s fault, America.)
I’ve never seen anything as bad as the determination of a lot of people to say it’s a recession. It’s above and beyond anything I’ve ever seen. While negative news stories are often the most popular, many voters don’t seem to be aware that the economic strength it represents.
I think that what’s happening now is that there’s been a kind of a Negativity biasCoverage
And there you have it, folks: a left-wing economist blaming the left-wing-dominated news media for convincing a strong majority of rational Americans that Biden’s disastrous policies have led to economic cutbacks and hardships for tens of millions of hardworking families. What is the problem with Krugman or Democrats? That is exactly what happened; Biden’s disastrous policies Are It is your fault.
Yet Krugman insists on blaming a “media failing” when in reality a majority of the media — finally — are Do it accurately covering the realities of what most Americans are experiencing in Biden’s America. Krugman’s foolishness grew, however.
If you ask people how’s your financial situation, it’s pretty favorable. You ask them how’s the economy, they say, ‘Oh, it’s terrible.’
Is there anyone who has The world’s tiniest violinYou can lend me a minute.
“If you ask people ‘How is your financial situation?’ it’s pretty favorable,” @paulkrugman says. “If you ask them ‘How is the economy?’ they say ‘Oh, it’s terrible.’ That’s a media failing.” https://t.co/gwA6vs31PM
— Brian Stelter (@brianstelter) August 1, 2022
Finally,Krugman made it to the Real problem at hand — by inadvertently playing His hand.
They are ready for their Biden recession. They’re going to have it, nevermind [sic] the fact that … there’s not a recession in any technical sense.
Translation: “The Republicans want to hang the traditional definition of recession around Biden’s neck and I’ll be damned if I’m going to give it to them, so there.”
“We’re recovering from a pandemic,” Krugman said. “You’d expect a lot of things to look kind of weird right now.” The only thing that looks weird right now, as we close, is Paul Krugman.
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