As data continues to emerge indicating that the United States economy is spiraling toward as recession, the White House put out a blog post last week that seemed to dismiss the rule-of-thumb definition of the term.
This is what we like to call “moving the goal posts.” The Biden administration is in a mode of absolute desperation right now, as we barrel toward the midterm elections, which are going to be held in November.
Who can blame them, right? There’s a lot at stake this year. Right now, as it stands, the left is doing so horrible thanks to the failed policies of President Joe Biden that it looks as if they are likely going to lose control of the House and potentially the Senate, which pretty much puts a stop to their agenda moving forward during the rest of the Biden presidency.
If we hit full-on recession mode, that’s going to be the point of no return for this administration and Democrats all over America. It will be a bloodbath during the election.
Since they are attempting to prevent that from happening, they are now, apparently, trying to change the very definition of words.
According to the Daily Wire, “The National Bureau of Economic Research, a nonprofit entity generally recognized as the country’s business cycle scorekeeper, defines a recession as ‘a significant decline in economic activity that is spread across the economy and lasts more than a few months.’ Though the group examines economy-wide data such as employment, real personal income, and personal consumption expenditures to help determine the length of business cycles, the marketplace has developed a rule-of-thumb definition that captures the severity and breadth of recessions — two consecutive quarters of negative gross domestic product (GDP) growth.”
The report continued, saying, “The United States is poised to meet that definition since the annualized economic growth rate shrank by 1.5% in the first quarter of this year and appears to have contracted at a 1.6% pace in the second quarter. As the U.S. Bureau of Economic Analysis prepares to publish an advance estimate of second quarter growth later this week, the Biden administration is already doing damage control.”
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House wrote in a blog post published last Thursday. “Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data — including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession.”
What makes the situation worse for the Biden administration is how they continue to say that our country is “stronger economically than we have been in history.”
That can’t possibly be true when you see the cost of gas over $4 a gallon and the average price of household goods and food so high folks are struggling to make ends meet. You’d have to be a bit Cuckoo for Coca Puffs to believe this line of narrative garbage.
A poll conducted by CNBC’s All-America Economic Survey uncovered that only a slim 30 percent of Americans approve of the economic performance of the Biden administration, as the GOP is right now perfectly positioned to gain almost 70 seats in the House.
“The Biden administration is trying to move the recession goalposts from the traditional definition of two consecutive quarters of negative economic growth to pretend the economy is not in a recession,” Job Creators Network CEO Alfredo Ortiz went on to say in a statement given to The Daily Wire. “This is a desperate attempt to prevent Biden from being labeled a recession President, which would further hurt Democrats’ chances in the midterm elections this fall.”
“Over the weekend, Treasury Secretary Janet Yellen likewise acknowledged to NBC host Chuck Todd that ‘there has usually been a recession’ amid two consecutive quarters of negative growth yet argued that ‘we are not in a recession now,’” the Daily Wire stated in its report.
“I understand that, but you’re splitting hairs,” Todd fired back. “If the technical definition is two quarters of contraction, you’re saying that’s not a recession?”
“That’s not the technical definition,” Yellen responded. “Most of the data that they look at right now continues to be strong. I would be amazed if the NBER would declare this period to be a recession, even if it happens to have two quarters of negative growth.”
Rather than address the problem head on and actually solve it, thus making themselves heroes in the public eye, the left would rather change the definition of the term, “recession,” and move the goal posts.
Because the only solutions to these problems can be found in taking a conservative approach to economics. And that would spell the permanent demise of the radical left.
This story syndicated with permission from michael, Author at Trending Politics
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