PORTSMOUTH, OH – Will someone tell Team Biden and his mainstream media feathered friends that if the recession looks like a duck, quacks like a duck, and walks like duck – it’s a duck. Deny, deny, deny – that’s the memo the Biden minions received about the recession that is not a recession.
When White House Press Secretary Karine Jean-Pierre was recently asked by a reporter what the White House’s definition of a Recession is, she responded, “I’m not going to define it from here.”
Deny the quacking duck. What duck? I don’t hear that squawking, squealing, shrieking duck – another example from the gaslighting gang.
How Do Economists Determine Whether the Economy Is in a Recession? The White House blog asked and answered this question in an article on their July 21, 2022 blog.
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Read the following gobbledygook from the Oval Office:
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.
Recession deniers are using the National Bureau of Economic Research (NBER) as their measuring stick. It’s is a private, nonpartisan organization that “facilitates cutting-edge investigation and analysis of major economic issues.”
Sounds oh so official, doesn’t it. But the NBER’s lips are soundless on announcing that the USA is in a recession.
NBER defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.”
Why is NBER ignoring the quacking duck?
In a recent article for Townhall, journalist Maddy Welsh tells us:
“For one, the NBER receives grants and funding from multiple alphabet soup government agencies, including the Social Security Administration, the National Institutes of Health, and the Agency for Healthcare Research and Equality. For another, several high ranking leaders at the NBER worked for former President Barack Obama’s campaign or administration and many more have worked for other political offices and campaigns.”
So, why are the Biden/Obama puppets at the NBER coop disregarding the quacking duck?
Welsh further explains and answers, “There are eight people in the elite group of NBER economists called the Business Cycle Dating Committee that the media and the White House have decided are the final word on the status of the economy.”
According to The New York Post, “Biden, Fed chief Jerome Powell and Treasury Secretary Janet Yellen also cite still-rising consumer spending as reason to think GDP will soon start growing again. But they ignore the causes: Savings soared during COVID, so much current consumer spending is just a temporary bump of delayed outlays. Plus, skyrocketing prices force people to spend more just to keep up — most of the June rise in consumer spending was for basic needs like energy, housing and utilities (plus international travel, which goes to that post-COVID splurge).”
The three blind mice: Biden, Powell, and Yellen are sticking together. What duck? I don’t see a duck. Do you see a duck? No duck.
Yes, birds of a feather sure do deny together.