The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on July 24, 2022, 10:02:12 pm
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White House Moves to Rig the 'Recession' Game as Disastrous Economic Report Looms
By Bonchie | Jul 24, 2022 2:30 PM ET
This coming July 28th, the U.S. Bureau of Economic Analysis will release the second quarter GDP numbers, and all available signs point to a disastrous report. Current trackers have growth sitting at around -1.6 percent as of July 19th.
That means that according to the most traditional definition of a recession, the United States has already entered into one. US first quarter GDP came in at -1.6 percent, which combines with the second quarter drop to give the economy two straight quarters of negative growth. That is the technical definition of a recession. Further, the bond yield curve has recently inverted, something that has preceded every other recession in modern history.
What’s the White House to do with that devastating economic news dropping on their watch and as a result of their policies? Apparently, in a move that would make George Orwell cringe, they are going to simply redefine what it means to be in a recession.
https://twitter.com/JacquiHeinrich/status/1551241924396343296
more
https://redstate.com/bonchie/2022/07/24/white-house-moves-to-rig-the-recession-game-as-disastrous-economic-report-looms-n600870
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Published 2 hours ago
White House says a second consecutive quarter of negative GDP 'unlikely' to be indicative of recession
A Republican National Committee spokesperson said that this further underscores how 'out of touch' President Biden is with Americans
By Adam Sabes FOXBusiness
White House tries to redefine 'recession'
'Word on Wall Street' panel with Ross Mayfield, Mike Murphy, and Kevin Mahin takes a closer look on 'Mornings with Maria.'
The White House Council of Economic Advisors 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.
Recessions refer to two consecutive quarters of negative economic growth.
In a blog post, the council of economic advisors 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.
more
https://www.foxbusiness.com/politics/white-house-says-second-consecutive-quarter-negative-gdp-unlikely-indicative-recession
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Slowing down Janet?? What was your first clue??
Treasury Sec. Janet Yellen acknowledges economic ‘slowdown’ but downplays recession fears
Treasury Secretary Janet Yellen acknowledged Sunday that the U.S. is experiencing an economic "slowdown" but downplayed the potential for a recession, arguing that the country is in a period of "transition" following rapid economic growth.
"The economy is slowing down," Yellen said on NBC News’ "Meet the Press," adding that a correction is "appropriate" for a healthy economy.
"The labor market is now extremely strong," she 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."
"But you don't see any of the signs now – a recession is a broad-based contraction that affects many sectors of the economy. We just don't have that," she added. "I would say that we're seeing a slowdown."..............
https://www.foxbusiness.com/politics/treasury-sec-janet-yellen-acknowledges-economic-slowdown-downplays-recession
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:facepalm2:
Straight out of 1984. Don't like the consequences of applying accepted definitions? Change the definitions. Black is White, Up is Down, a Recession is not a Recession.
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:facepalm2:
Straight out of 1984. Don't like the consequences of applying accepted definitions? Change the definitions. Black is White, Up is Down, a Recession is not a Recession.
Well they did change the definition of "vaccination" pretty handidly didn't they? Any one suprised?
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Rules:
(https://yt3.ggpht.com/a/AATXAJybzRXLn18eJB4n5f_5SZbNd6rq70k2OUh4Bw=s900-c-k-c0xffffffff-no-rj-mo)
Jacqui Heinrich