DESPERATION: White House To Change Definition Of “Recession”

On their first day in the White House, Biden’s handlers began the process which is intentionally designed to produce massive inflation, to rob Americans of the value of their income and assets, to push more & more Americans into poverty and thus into government dependency & control.  BUT THEY DON’T WANT AMERICANS TO NOTICE. 

Coming on the heels of the highest monthly inflation rate since 1981 (9.1%*) and knowing that some voters will believe any drivel that comes from the White House, they are now trying to get ahead of the expected dismissal second-quarter GDP figures by changing the definition of recession, and sending out the talking heads to fuel the fantasy that the economy is healthy.  

The National Bureau of Economic Research (NBER) has long defined a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.”  The U.S. economy shrank at an annualized pace of 1.6 percent in the first quarter of this year, and most economists are now forecasting another 1.6 percent drop in the second quarter.  The figures will be released July 28th. 

In their memo to the NBER the White House claimed that recessions should be “based on a holistic look at data” by taking into account consumer and business spending, the labor market, industrial production, and earnings.  The memo went on to say “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.” 

Economic activity has been slowing for the past several months. Consumers are cutting back on their spending due to rising inflation and declining real wages. In addition, interest rates are rising which will make it harder to obtain credit or service debts. Thus, demand for goods and services will continue to deteriorate.  Many economists believe that the American economy is not only headed into a recession, but will be in a recession for several years.  Regardless how much these liars manipulate the figures, Americans’ suffering will not improve.

*OBAMA CHANGED THE RULES, WHY CAN’T WE?  The Obama Administration changed how inflation is calculated to trick the public.  If we used the retail items that were included in the Consumer Price Index in 1981 today’s ACTUAL inflation is about 18%.