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Biden ruined the economy with sanctions on Russia but let's not pretend that the previous administrations economy was great.
Going back to 2008, trillions of dollars were created and pumped into the economy, giving an illusion that there was prosperity and growth.
We've been in a nosedive since the early 1930's (remember The New Deal?) when excessive big gov't growth began:
Well, it's not "official" until the National Bureau of Economic Research declares it so, but two consecutive quarters is the generally accepted criteria.
In place of the standard economic definition of a recession, administration officials point to the business-cycle dating committee of the National Bureau of Economic Research (located in Cambridge, Massachusetts) as the “official recession scorekeeper.” It’s a highly convenient move for them. While the nonpartisan NBER employs a robust set of indicators to pinpoint recessions, it does so retrospectively. The great recession of 2007-09, for example, had already been under way for a year before the NBER released its determination. Sometimes recessions end by the time NBER classifies them, and this built-in delay limits the utility of NBER scorekeeping for real-time policy decisions.
They will admit in a year or so that — yeppers, turns out we have a Recession.
Quote:
Originally Posted by Spot
Aww, come on now…. It’s pretty obvious that we are going into a serious recession. Just because the White House says we aren’t, doesn’t make it so. This is the same White House that says men can get pregnant. They don’t have a lot of common sense up there…
The White House’s attempt to wordsmith its way around a recession shows the dangers of politicizing economic terms. We have seen this before.
The president’s economic team should think twice before discounting the risk of a recession. After all, they stumbled into the current inflationary crisis after a year of trying to manipulate the language: Inflation was “transitory” and therefore of little concern until it eventually topped an annualized 9%. Let’s not stumble into a recession because the White House has political priorities that conflict with economic reality.
The Reality for the people is that we actually recognize a Duck when we see one.
We grocery shop, we buy gasoline, we see our wages and income shrinking and we see credit card debt mounting— while TeamBiden & his subservient Media keep telling us “ there is NO Duck”.
Aww, come on now…. It’s pretty obvious that we are going into a serious recession. Just because the White House says we aren’t, doesn’t make it so. This is the same White House that says men can get pregnant. They don’t have a lot of common sense up there…
Did I say we weren't going into one? I believe I used the word "yet".
I think most of you would do well re-reading responses a few times before actually responding to a comment.
Better take those Rah Rah Biden Glasses off. They are clouding your vision.
Look doctor, I know all the symptoms are there and I know the x-rays definitively show massive malignant tumors in my lungs and I know that I can barely breath and I know five other doctors have told me the same thing... but I don't officially have lung cancer.
I don't like Biden genius, but thanks for putting words in my mouth. Newsflash - just because someone doesn't agree with you doesn't make them a Biden champ.
95% of posters on here here are drama queens who look for the doom and gloom in every scenario. Maybe learn what a recession is and then respond to the actual topic of the thread, not your typical but, but Biden waaaaa...
Look at all the lefties frantically moving the recession goalposts. How very predictable. Just don't bother. We all know what this is. You aren't fooling anyone.
In place of the standard economic definition of a recession, administration officials point to the business-cycle dating committee of the National Bureau of Economic Research (located in Cambridge, Massachusetts) as the “official recession scorekeeper.” It’s a highly convenient move for them. While the nonpartisan NBER employs a robust set of indicators to pinpoint recessions, it does so retrospectively. The great recession of 2007-09, for example, had already been under way for a year before the NBER released its determination. Sometimes recessions end by the time NBER classifies them, and this built-in delay limits the utility of NBER scorekeeping for real-time policy decisions.
They will admit in a year or so that — yeppers, turns out we have a Recession...
Correct. Doesn't make anything I posted less true, however.
We're in a recession, by the accepted definition. It's not "official" until the NBER says we are.
And the unemployment rate has fallen from 4.0% to 3.6%.
Yeah, some "recession."
In addition, there is this little known fact: In Q1 and Q2 of 1947, the economy contracted -1.1% and -0.8% respectively, and we never entered an official NBER recession:
Actually, it's not official at all. We aren't in a recession yet, but than I guess that would make for a less sexy thread title. Just some more CD drama.
Had Trump had the same economic numbers as we had now, we would have been in the middle of the worst economic recession the world had ever seen.
At least according to the left and their media sites.
But now, it's "we're not there yet folks, the worst is yet to come". - Joe Biden
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