White House Going Through Stages of Economic Grief, Just Like They Did With Inflation
Washington, D.C. – Americans are suffering from horrible economic conditions caused by Joe Biden and Senate Democrats’ reckless spending. Families are facing serious challenges to simply put food on the table, but the White House is pretending that everything is fine. Instead of finding a solution to the recession, the White House is just changing its definition.
The White House isn’t living in reality. We have seen this before, first it was inflation, now it’s a recession. The White House is going through the states of economic grief again (this is the bargaining stage) but changing the definition of a recession doesn’t change the fact that we are in one or heading towards it.
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. 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?! Two consecutive quarters of falling real GDP doesn’t constitute a recession?! Who are they kidding? Joe Biden and the Democrats must think that Americans are dumb.
They are either out of touch with real Americans or they simply don’t care. Americans are having a hard time just buying groceries and filling up their gas tanks, while the White House is busy changing the definition of a word.
Do vulnerable Senate Democrats like Mark Kelly, Raphael Warnock, Maggie Hassan, Catherine Cortez Masto, Michael Bennet and Patty Murray agree that Americans are better off if we redefine what a recession is?
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