The Great Economic Pretending Has Become Absurd, WSJ Economists Ignore Current Reality and Ponder Po

[Bigun]

The Great Economic Pretending Has Become Absurd, WSJ Economists Ignore Current Reality and Ponder Possibility of Recession in 2023

I do not know how to describe this with the Through The Looking Glass absurdity it deserves.

The ability of financial media and national economists to suspend accepting current reality, while making claims about the possibilities for next year, is ridiculous. Ask me why this era of great economic pretending is underway, and I have no answer. The intellectual dishonesty is beyond my comprehension.

The first and second quarters of the U.S. economy showed negative Gross Domestic Product valuations (GDP). We just finished the third quarter (July, Aug, Sept) and the likelihood of another negative GDP is high. Production is down, demand is down, consumer spending is down, inventories are climbing, and the economy is contracting. We are in a literal, technical and structural recession. Considering the Q1 and Q2 outcomes, we have been in a recession all year....

[DefiantMassRINO]

Economic soothsayers are a waste of effort.  What % of their predictions actually come to fruition?  Has anyone ever found Harry Truman's elusive 2-handed economist?

Inflation has not been transitory.

The Inflation Reduction Act has not reduced inflation.

Economic models do not account for Black Swan Events - 2008 Banking Crisis, 2020 Covid19-SARS2 pandemic, Russian invasion of Ukraine, etc.

There are many ways to combat inflation that include:

1.) reduce money supply (Fed raising rates)
2.) reduce demand (Austerity)
3.) increase supply

The Biden Admin is actively preventing #3 by sanctioning US domestic energy producers.

The Biden Admin's policies are making inflation worse and prolonging it.

[DB]

As was pointed out in the comments.

They know Republicans will take the house and perhaps the senate come November. So they need to hold back the flood of bad economic news, no matter the reality of it, until Republicans are available to blame for it which they've already started doing. Then suddenly the media will be reporting with glee that we're in a full-blown recession and how the Republicans caused it...

[Free Vulcan]

The mainstreamed, Piled high and Deep economists can't find their way out of a wet paper bag when it comes to telling us what's going on with the economy. Most are way too politicized and over-intellectualized.

The ones that do aren't well known, and often aren't even economists. Few will even pay attention to them.

[Bigun]

As was pointed out in the comments.

They know Republicans will take the house and perhaps the senate come November. So they need to hold back the flood of bad economic news, no matter the reality of it, until Republicans are available to blame for it which they've already started doing. Then suddenly the media will be reporting with glee that we're in a full-blown recession and how the Republicans caused it...

  That's right out of the playbook @DB and far too many fall for it every time.  No different than the dragging $100 bills trough a trailer park trick.