(News Punch) The Biden administration has a cunning plan to avoid plunging America into a recession. But rather than altering the disastrous Democrat policies which have plunged the nation into negative growth, the Biden administration is seeking to quietly, deceitfully change the definition of “recession.”
A gross domestic product advance estimate is due to drop on Thursday, which economists expect to show the US economy contract for a second consecutive quarter. The accepted definition of recession is two negative quarters in a row.
But the White House, desperate to avoid the stigma of guiding the US economy into recession, is engaging in Soviet-levels of propaganda in a desperate attempt to deceive the masses.
Unsurprisingly, the lackeys at the Bureau of Economic Analysis is siding with the hapless Biden administration, agreeing that perhaps two consecutive negative quarters will not mean the nation is in recession.
“The often-cited identification of a recession with two consecutive quarters of negative GDP growth is not an official designation. The designation of a recession is the province of a committee of experts at the National Bureau of Economic Research (NBER),” said the Bureau of Economic Analysis.
“The NBER recession is a monthly concept that takes account of a number of monthly indicators – such as employment, personal income, and industrial production – as well as quarterly GDP growth.”
Sounds like they are circling the wagons around the beleaguered Biden White House. But who are they trying to fool? Everyone can see the Biden economy is in bad shape.
If you’re having trouble making it from paycheck to paycheck, you’re hardly alone. A majority of Americans tell pollsters they feel the economy is not in good shape and getting worse. People are now demonstrably poorer than when President Joe Biden took office. Although wages have risen, prices have risen much faster.
Worse, these are self-inflicted wounds. To find their source, look no further than the man steering the ship: Joe Biden. On his first day in office, Biden grasped the helm and turned it hard to port—that is, a sharp left turn. In doing so, he turned the economy into the wind.