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Defining Recessions Down: Biden Tries To Gaslight America


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‘For the first time in a decade, our economy is in recession. It’s not official yet – the group that dates recessions doesn’t act until after the fact – but there’s little doubt that we’re in the midst of a downturn.”

That was economist Jared Bernstein back in December 2001. He went on: “The downturn is already taking a toll on those who traditionally bear the brunt of recessions, blue-collar workers in manufacturing, minorities, and other less-advantaged workers.”

That year saw only two non-consecutive quarters of GDP decline. The unemployment rate never got over 5.7%. And when the year was over, GDP had climbed 1%. But it’s still listed on the recession roster.

Today Bernstein, who sits on President Joe Biden’s Council of Economic Advisers, is trying to argue that, despite two consecutive quarters of a shrinking economy, we aren’t in a recession right now.

 

“What is a recession?” he and CEA chair Cecilia Rouse asked in a blog post. “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.”

Biden’s Treasury Secretary Janet Yellen, meanwhile, insisted that “This is not an economy that’s in recession. But we’re in a period of transition in which growth is slowing.”

On Thursday, Biden rattled off a few happy-sounding statistics before the cameras, then said “that doesn’t sound like a recession to me” before walking off stage without taking any reporters’ questions.:snip:

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It's the uncertainty, stupid

Salena Zito, National Political Reporter

July 28, 2022

SCRANTON, Pa — Ask a restaurant owner how difficult the COVID era has been, and the list of struggles is lengthy — loss of customers, supply chain problems, doubling and sometimes tripling of food costs, utility costs, and the ability to find or keep workers. Many business owners will tell you their revenue has returned to pre-COVID numbers, but that the cost to get there has eroded their profits. They are often making do without the manpower they really need, meaning they are personally working unsustainable hours.

(Snip)

At every turn, Biden has failed to look voters in the eye and tell them he feels their pain. He spends most of the time either blaming someone else or denying that the pain exists at all. It's all in your head.

On Thursday, hours after a new government report showed that the economy had shrunk for a second straight quarter, Biden rejected the very idea that the country was in a recession. “That doesn’t sound like recession to me,” he said. He then abruptly walked away from the podium and ignored the scores of question tossed at him by the White House press.

It may not sound like a recession to you. But have you asked anyone outside of experts, advisors and your staff what it feels like to the American people?

People are feeling pain and a building fear, even if the media and Biden's administration are clueless about it. This is an important point if you go out there and actually listen to people. Even those well-off enough to avoid the pain so far recognize the frustration and feel the fear. They see that even if it hasn't hit them yet, it won't be long.

It doesn't matter how many explainers you put out there if they're afraid. That's enough.

(Snip)

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