Today’s Democrat Party Is Too Delusional To Admit A Recession
This week we’ve seen the depth of the dishonesty and idiocy the Biden regime is capable of.
Things descended into the realm of comedy when the White House concocted a narrative that the forever-recognized definition of an economic recession, two consecutive quarters of a shrinking of GDP, no longer applies.
The U.S. economy is plagued by inflation and suffering from fallout from Russia’s war in Ukraine – but it’s not in recession. That’s the message from White House officials.
Treasury Secretary Janet Yellen, economic adviser Brian Deese and Commerce Secretary Gina Raimondo have spoken out in recent days ahead of data on Thursday that may show that gross domestic product (GDP) shrank from April to June. The Federal Reserve Bank of Atlanta’s GDP forecast suggests a 1.6% decline. That would mark the second quarter of GDP decline in a row.
While a broad rule of thumb holds that two consecutive quarters of GDP drops signal a recession, the strong U.S. job market means this may be the rare moment when that is not enough for economists to declare the world’s largest economy in recession.
The White House pushback against recession talk is about more than semantics. Talking about recession can become a self-fulfilling prophecy as businesses and consumers, concerned that tougher times are ahead, cut back on spending and investment plans.
The economy is top of mind for many voters ahead of the Nov. 8 midterm elections that will decide whether President Joe Biden’s Democratic Party retains control of Congress.
“We’re not going to be in a recession,” Biden himself told reporters on Monday. “My hope is we go from this rapid growth to a steady growth.”
Rapid growth? What growth?
The economy shrank by 1.6 percent in the first quarter. It’ll shrink by another 1.6 percent in the second quarter report which will come out tomorrow, if the Atlanta Fed is correct.
Forget about what Joe Biden says. Joe Biden on his best day couldn’t accurately describe the performance of the U.S. economy, and he certainly can’t now. But the Brian Deeses and Janet Yellens of the world are supposed to be competent analysts of the economy and if they can’t admit two quarters of economic losses at a 1.6 percent rate is a recession, then we have a problem.
We have a lot of problems. But this might be proof of the worst one of them – that this is an administration which not only can’t promote economic policies that will pull America out of a recession, but refuses to, and what’s worse they can’t even accept the obvious reality all around them.
And we see this manifest itself time and again.
Biden’s party is at war with reality. Its talking heads claim the red wave that’s clearly coming is a mirage, and alternatively the Democrat Party has a “messaging” problem. They say these things while they insist on prioritizing “racial justice,” climate change, the queer/trans agenda, unlimited abortion on demand and Jan. 6 hysteria as the most important items on the national agenda.
And average Americans just shake our heads.
There is a price to be paid for this kind of forced delusion. This regime will be made to pay it. The American people already have.