Good day all. Well it isn’t all that god a day now, is it? It looks like we are officially in an economic recession, caused by the policies and incompetence of President* Joseph Bumbles Dementia Biden and his maladministration. Rather than face facts and undo the damage, Bumbles and company are changing the definition of an economic recession.
The accepted definition of a recession is 2 or more months of negative growth. In other words, the economy contracts rather then expands. For over a decade, we have been averaging about 2 percent growth per year. The last time we had an issue was back in 2008, and that was actually rather mild, and we were coming out of it when Der Fubar was elected.
The economy under Der Fubar was anemic at best. The massive number of regulations he pushed out along with tax increases and massively increasing government basically crushed the economy. Then came the Greatest President of the 21st Century, Donald Trump. As soon as it was announced that he had won the election, the markets exploded. We saw a major economic upturn not seen since Ronald Reagan.
Of course, the Deep State, Uniparty and the Progressive Liberal Democratic Communazis couldn’t allow that to stand, and we ended up with the worst president in American History, Dementia Joe Biden. Since day one, that incompetent, senile moron has done everything he can to wreck the United States economy. Now inflation is around 10 percent, and we are about to see the numbers that will confirm that we are in a recession.
Of course, of you are President* Bumbles Dementia, you can simply say that “Nope, we aren’t in a recession. I’ve changed the definition of what a recession is because I am walloping good at waffles and ice cream is go for read next line twice.” This is just what the maladministration is trying to do. Here are the detail from Fox Business News:
The White House Council of Economic Advisers said on July 21 that even if Friday’s advance estimate of the country’s GDP is negative, it’s still “unlikely” to be indicative that the country is in a recession.
In a blog post, the council of economic advisers says that two consecutive quarters of falling GDP doesn’t mean the country is in a recession.
“What is a recession? 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 blog post states.
Two consecutive quarters of negative growth, in other words, the economy contracting instead of expanding is the classic definition of a recession, unless you are part of the most incompetent maladministration in American history.
Even if the Bureau of Economic Analysis’ advance estimate of the second quarter GDP shows a negative number, the blog post says the country is likely not in a recession.
“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,” the post states.
There is a reason that no one listens to economist much anymore. They’re almost always wrong. We have the highest inflation rate in 40 years. Interest rates are now going up, and not at a few basis points at a time. They’re already talking about raising interest rates 100 basis points, which is a full one percent.
That will rapidly ripple through the economy, with businesses and people who were looking at large purchases with borrowed money deciding they can’t afford that purchase now. Add to this the fact that fuel prices are high and that food and housing costs are also way up. That is a recession in anyone’s book, and could actually drop into a full blown depression.
On NBC News’ “Meet the Press,” Treasury Secretary Janet Yellen said the economy is not in a recession but rather one that’s in a “period of transition” where “growth is slowing.”
“The labor market is now extremely strong,” Yellen said. “This is not an economy that’s in recession, but we’re in a period of transition in which growth is slowing. And that’s necessary and appropriate, and we need to be growing at a steady and sustainable pace. So, there is a slowdown, and businesses can see that and that’s appropriate, given that people now have jobs, and we have a strong labor market.”
Yellen is a liar, and incompetent. She’s also a major league Globalist, and has been pushing a global tax rate for years. This is to keep corporations and individuals from moving to lower tax nations. She is fine with handing American tax policy to the United Nations. As far as she’s concerned, the best thing to happen would be reducing the United States to virtual serfdom to the UN and Brussels elitists.
Republican National Committee spokesperson Will O’Grady told FOX Business that “redefining” what a recession is won’t fix some of the legislative actions that Democrats have taken.
“Joe Biden turned a recovery into a likely recession. Redefining the word will not fix the fact that Democrats wasted $1.9 trillion, resulting in skyrocketing costs for Americans. This further underscores how out of touch Biden and Democrats are with the pain families are feeling,” O’Grady said.
The Democrats aren’t out of touch. They flat out do not care. Biden isn’t actually running anything, it’s the Marxists, Socialists and agents for the Communist Chinese Government who are running things. Yes, I know, sounds like paranoia and tin foil hat territory. However, all you need to do is actually look who is part of the Biden maladministration and how deeply the Chicoms have their hooks into them. The maladministration of China Joe is saying everything is fine and to ignore your lying eyes. Not going to happen. We can see the results of Dementia Joe’s policies everywhere we look. November can’t come soon enough.
~The Angry Webmaster~
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