BIDEN: "We're not gonna be in a recession" pic.twitter.com/3uec0oLz1Z

— RNC Research (@RNCResearch) July 25, 2022

Well, you heard it from the man himself.

I wonder if they can somehow manage to change the definition of a recession while being in a recession?

BearForce2 said:

---

BIDEN: "We're not gonna be in a recession" pic.twitter.com/3uec0oLz1Z

— RNC Research (@RNCResearch) July 25, 2022

Well, you heard it from the man himself.

I wonder if they can somehow manage to change the definition of a recession while being in a recession?

---

Si Sey Pwadwe!

"God Willing". Inshallah

We will be in a recession because you don't come this late to the game on such high dislocation of demand and supply and government overspending and engineer a soft landing. The worst thing the FED can do is listen to morons who are saying the FED is doing too much and come up with a double dip or W recession.

My take is that the economy is still fundamentally healthy, and this will be a shallow recession that will start soon and be over before end of 2023 as long as morons who predicted transitory inflation don't pressure the FED to ease up too soon.

Japan GDP data shows its economy has sunk into recession, defined as two straight quarters of contraction https://t.co/2OmzsipFWm pic.twitter.com/KChdfB1aWU

— Reuters (@Reuters) June 8, 2020

Japan is officially in a recession according to the old definition. Apparently, both Japan and Reuters didn't get the memo from the Biden admin.

NOW - Biden economic advisor: "Two negative quarters of GDP growth is not the technical definition of recession." pic.twitter.com/UTfdl5LzuS

— Disclose.tv (@disclosetv) July 26, 2022

BearForce2 said:

---

NOW - Biden economic advisor: "Two negative quarters of GDP growth is not the technical definition of recession." pic.twitter.com/UTfdl5LzuS

— Disclose.tv (@disclosetv) July 26, 2022

---

Bunch of amateurs. My hope was that, despite his advanced age, Biden would be able to speak to middle class Americans and resonate authenticity. Instead, he has chosen idiots in his cabinet who are challenging the prior administration's cabinet for ineptitude.

Instead of speaking frankly with Americans, Biden and his staff have decided to be fully scripted, re-define basic words, engage in extreme social issues that will alienate non-progressives, delude themselves that Biden was elected to be the next FDR, and gaslight Americans.

I will say this. The job market is only going to get worse. And middle class and lower-middle class Americans are already having to forgo non-essentials to afford food/rent. No way to fix the inflation with lingering supply chain issues and geopolitical conflicts without reducing demand and increasing unemployment and, thereby, lowering cost of labor and cost of goods. And earnings for cyclical companies will be impacted and they too will take a hit, further reducing any safe place to park retirement funds.

When that happens, whether they have re-defined basic words or whether the VP has decided to engage in something that will make most roll their eyes (were we doubting her gender before - she previously had a long lasting affair with Brown and has been married to her husband for years - it just comes across as pandering), this party and this administration is dead in the water unless they run against Trump. They have lost their chance to earn based on their own merits credibility and trust.

They better hope that Trump actually runs. They are not going to have any chance to win on their ability to govern or based on any accomplishments. They are just going to have to beg Americans to believe them that, as bad and idiotic as they are, they are not as bad as the guy who wanted to overturn an election.

Biden Treasury Secretary Janet Yellen claims today’s GDP report indicates “an economy that is transitioning to more steady and sustainable growth.”

The U.S. economy has shrunk for two quarters in a row. pic.twitter.com/WQg5vE0awF

— RNC Research (@RNCResearch) July 28, 2022

Joe Biden says the U.S. is transitioning to "stable, steady growth"

The U.S. economy is in a recession. pic.twitter.com/vzL8qxOHYM

— RNC Research (@RNCResearch) July 28, 2022

KARINE JEAN-PIERRE: “Now what we’re seeing is a transition into stable and steady growth.”

The U.S. economy shrank the last two quarters. pic.twitter.com/3P3gaMgleG

— RNC Research (@RNCResearch) July 28, 2022

"Slow and steady growth"
"Transition."
"Recession"

Repeat it until you believe it.

BearForce2 said:

---

Biden Treasury Secretary Janet Yellen claims today’s GDP report indicates “an economy that is transitioning to more steady and sustainable growth.”

The U.S. economy has shrunk for two quarters in a row. pic.twitter.com/WQg5vE0awF

— RNC Research (@RNCResearch) July 28, 2022

Joe Biden says the U.S. is transitioning to "stable, steady growth"

The U.S. economy is in a recession. pic.twitter.com/vzL8qxOHYM

— RNC Research (@RNCResearch) July 28, 2022

KARINE JEAN-PIERRE: “Now what we’re seeing is a transition into stable and steady growth.”

The U.S. economy shrank the last two quarters. pic.twitter.com/3P3gaMgleG

— RNC Research (@RNCResearch) July 28, 2022

"Slow and steady growth"
"Transition."
"Recession"

Repeat it until you believe it.

---

Well, we need the economy to slow down. Hate the semantics that this White House is focused on. but assume we all agree that an overheated economy is not a good thing when there is significant inflation.

Why is everyone so afraid of saying recession? It's like Americans are bunch of children who cannot be told the truth.

I'm not gonna side with the Biden Administration on this because the word transition comes from right out of economic advisor Brian Deese's playbook and he doesnt impress me.

But I will say this . . .

What you wont see "Joe Q" public wrap their brains around (and certainly not any of the pundits on Faux News or their fellow Trumpanzee audience) is the fact that INVENTORIES are having a big impact (drag) on the economic data this year AFTER GDP had surged 6.9% in Q4 of last year because of inventories surging in preparation of the Holiday Season.

Q1's decline of 1.4% was clearly impacted by a WHOPPING 3.2 percentage point drag from real net exports. Furthermore, slower inventory investment dragged 0.8 percentage points on GDP.

Govt spending declined at an annualized rate of 2.7% which dragged GDP down another 0.5 points.

In other words, with a 3.6% unemployment rate, you can clearly make the case that Q1 was not a negative quarter for most households.

This is not spin.
This is Econ. 101a

GDP Contracts in Q1 on Falling Net Exports and Inventories, but Underlying Demand Trend Remains Positive for Now | Fannie Mae

DiabloWags said:

---

This is not spin.
This is Econ. 101a

---

Where even are they right now pic.twitter.com/DwsA3qT7rW

— Jack Posobiec 🇺🇸 (@JackPosobiec) July 28, 2022

Speaking of spin, Is Janet Yellen sitting at a washing machine?

6% GDP nominal growth. About 400k jobs created per month. Declining core inflation metrics. Q2 was not a bad quarter for the U.S. considering the situation. Putin's gas hike was the one severe negative factor.

DiabloWags said:

---

I'm not gonna side with the Biden Administration on this because the word transition comes from right out of economic advisor Brian Deese's playbook and he doesnt impress me.

But I will say this . . .

What you wont see "Joe Q" public wrap their brains around (and certainly not any of the pundits on Faux News or their fellow Trumpanzee audience) is the fact that INVENTORIES are having a big impact (drag) on the economic data this year AFTER GDP had surged 6.9% in Q4 of last year because of inventories surging in preparation of the Holiday Season.

Q1's decline of 1.4% was clearly impacted by a WHOPPING 3.2 percentage point drag from real net exports. Furthermore, slower inventory investment dragged 0.8 percentage points on GDP.

Govt spending declined at an annualized rate of 2.7% which dragged GDP down another 0.5 points.

In other words, with a 3.6% unemployment rate, you can clearly make the case that Q1 was not a negative quarter for most households.

This is not spin.
This is Econ. 101a

GDP Contracts in Q1 on Falling Net Exports and Inventories, but Underlying Demand Trend Remains Positive for Now | Fannie Mae

---

Agree for the most part.

It is a recession but not a worrisome recession. The inventory glut comes from both companies overstocking due to supply chain issues, consumer movement from non-essentials to essentials to counter inflation and shift from consumption of goods to services (like travel). But it is a recession based on real GDP and thumb rule understanding of recession and not using some fairly tale current-dollar GDP as if there is no inflation or subjective interpretation of when things are really looking bad. And one thing about reduction in inventory investment - that has a lagging but real impact on employment - companies will cut jobs as a first reaction to reduced revenues, including revenues from companies making the products. There is still a lot of real backlog to work through but let's not pretend unemployment will not go up soon. It always does in these situations.

It's not a recession. Not yet at least.

The backlash against saying “2 negative quarters isn’t the definition of a recession” - a simple statement of fact - is the worst I’ve seen. And I’ve seen a lot 1/

— Paul Krugman (@paulkrugman) July 28, 2022

dajo9 said:

---

It's not a recession. Not yet at least.

---

Would they call it a recession of Trump was president?

Omg pic.twitter.com/FGWFhNkibB

— Jack Posobiec 🇺🇸 (@JackPosobiec) July 29, 2022

There are some good things about being in a recession apparently.

BREAKING: Wikipedia Redefines 'Recession' to Resemble Biden's Changes—Then Locks Page to New Editshttps://t.co/qmKYhmQtAS

— Jack Posobiec 🇺🇸 (@JackPosobiec) July 30, 2022

Wikipedia has frozen edits to its page for "recession," halting a frenzy of changes to the entry after the Biden administration insisted that the U.S. economy has not entered a economic downturn.

The website's definition of recession was altered dozens of times over the course of 24 hours, in an apparent reaction to the White House's resistance to calling the current economy a recession.

New and unregistered users are no longer allowed to edit the page, which is currently "semi-protected" until Aug. 3, according to Wikipedia.

https://www.npr.org/2022/07/29/1114599942/wikipedia-recession-edits

BearForce2 said:

---

BREAKING: Wikipedia Redefines 'Recession' to Resemble Biden's Changes—Then Locks Page to New Editshttps://t.co/qmKYhmQtAS

— Jack Posobiec 🇺🇸 (@JackPosobiec) July 30, 2022

Wikipedia has frozen edits to its page for "recession," halting a frenzy of changes to the entry after the Biden administration insisted that the U.S. economy has not entered a economic downturn.

The website's definition of recession was altered dozens of times over the course of 24 hours, in an apparent reaction to the White House's resistance to calling the current economy a recession.

New and unregistered users are no longer allowed to edit the page, which is currently "semi-protected" until Aug. 3, according to Wikipedia.

https://www.npr.org/2022/07/29/1114599942/wikipedia-recession-edits

---

Wikipedia isn't the definitive source for any information. I have seen information on Wikipedia that is blatantly wrong, but no one had caught it or cared enough to change it if they did.

If Wikipedia has frozen changes it is because there are people out there that can't play nicely.

dimitrig said:

---

If Wikipedia has frozen changes it is because there are people out there that can't play nicely.

---

Yes, left wing radicals want to change definitions,

calbear93 said:

---

DiabloWags said:

---

I'm not gonna side with the Biden Administration on this because the word transition comes from right out of economic advisor Brian Deese's playbook and he doesnt impress me.

But I will say this . . .

What you wont see "Joe Q" public wrap their brains around (and certainly not any of the pundits on Faux News or their fellow Trumpanzee audience) is the fact that INVENTORIES are having a big impact (drag) on the economic data this year AFTER GDP had surged 6.9% in Q4 of last year because of inventories surging in preparation of the Holiday Season.

Q1's decline of 1.4% was clearly impacted by a WHOPPING 3.2 percentage point drag from real net exports. Furthermore, slower inventory investment dragged 0.8 percentage points on GDP.

Govt spending declined at an annualized rate of 2.7% which dragged GDP down another 0.5 points.

In other words, with a 3.6% unemployment rate, you can clearly make the case that Q1 was not a negative quarter for most households.

This is not spin.
This is Econ. 101a

GDP Contracts in Q1 on Falling Net Exports and Inventories, but Underlying Demand Trend Remains Positive for Now | Fannie Mae

---

Agree for the most part.

It is a recession but not a worrisome recession. The inventory glut comes from both companies overstocking due to supply chain issues, consumer movement from non-essentials to essentials to counter inflation and shift from consumption of goods to services (like travel). But it is a recession based on real GDP and thumb rule understanding of recession and not using some fairly tale current-dollar GDP as if there is no inflation or subjective interpretation of when things are really looking bad. And one thing about reduction in inventory investment - that has a lagging but real impact on employment - companies will cut jobs as a first reaction to reduced revenues, including revenues from companies making the products. There is still a lot of real backlog to work through but let's not pretend unemployment will not go up soon. It always does in these situations.

---

It used to be that people accepted "business cycles" and viewed recessions as a way to reset the economy. At some point, the fed has viewed its mission as preventing recessions, rather than mitigating both recessions and inflation. And there was a basic understanding of how fiscal policy could similarly affect inflation/recessions.

There is now a complete disconnect on fiscal policy and the fed has been slow to react (and seemingly unwilling to make politically unpopular decisions). The fact that congress thinks more spending will reign in inflation is simply bizarre. But that's where we are.

Recap of Joe Biden’s week …

COVID
Recession
COVID

— Catturd ™ (@catturd2) July 30, 2022

A stagflation pandemic sandwich.

BearForce2 said:

---

Recap of Joe Biden’s week …

COVID
Recession
COVID

— Catturd ™ (@catturd2) July 30, 2022

A stagflation pandemic sandwich.

---

Recap of Trump's term in office:

Lies
Impeachment
COVID
Attempted Insurrection
Impeachment Again

BearForce2 said:

---

Recap of Joe Biden’s week …

COVID
Recession
COVID

— Catturd ™ (@catturd2) July 30, 2022

A stagflation pandemic sandwich.

---

Or, said differently,

- Chips Pus. Got most significant piece of industrial investment legislation ever through Congress which should finally start to address China's investment in and effort to control the semiconductor industry of the 21st century.

- Budget reconciliation. A breakthrough in the most significant part of his legislative agenda that will lower the deficit, allow the US government to finally negotiate drug prices and result in the largest investment in clean energy in US history. Oh and finally doing something about tightening the carried interest loophole which Trump talked about but never actually addressed when he forced his idiotic 2017 tax "reform" through.

- Presided over best month for the stock market since July 2020, when the world rejoiced over the resounding 8 million vote defeat of your orange Mussolini. Yeah I know the President doesn't get credit for the stock market but if you are giving him the blame then you also have to give him the credit.

Maybe it's not as awesome as reposting 100's of memes a day on some obscure backwater sports message board but it doesn't really seem all that shabby.

BearGoggles said:

---

calbear93 said:

---

DiabloWags said:

---

I'm not gonna side with the Biden Administration on this because the word transition comes from right out of economic advisor Brian Deese's playbook and he doesnt impress me.

But I will say this . . .

What you wont see "Joe Q" public wrap their brains around (and certainly not any of the pundits on Faux News or their fellow Trumpanzee audience) is the fact that INVENTORIES are having a big impact (drag) on the economic data this year AFTER GDP had surged 6.9% in Q4 of last year because of inventories surging in preparation of the Holiday Season.

Q1's decline of 1.4% was clearly impacted by a WHOPPING 3.2 percentage point drag from real net exports. Furthermore, slower inventory investment dragged 0.8 percentage points on GDP.

Govt spending declined at an annualized rate of 2.7% which dragged GDP down another 0.5 points.

In other words, with a 3.6% unemployment rate, you can clearly make the case that Q1 was not a negative quarter for most households.

This is not spin.
This is Econ. 101a

GDP Contracts in Q1 on Falling Net Exports and Inventories, but Underlying Demand Trend Remains Positive for Now | Fannie Mae

---

Agree for the most part.

It is a recession but not a worrisome recession. The inventory glut comes from both companies overstocking due to supply chain issues, consumer movement from non-essentials to essentials to counter inflation and shift from consumption of goods to services (like travel). But it is a recession based on real GDP and thumb rule understanding of recession and not using some fairly tale current-dollar GDP as if there is no inflation or subjective interpretation of when things are really looking bad. And one thing about reduction in inventory investment - that has a lagging but real impact on employment - companies will cut jobs as a first reaction to reduced revenues, including revenues from companies making the products. There is still a lot of real backlog to work through but let's not pretend unemployment will not go up soon. It always does in these situations.

---

It used to be that people accepted "business cycles" and viewed recessions as a way to reset the economy. At some point, the fed has viewed its mission as preventing recessions, rather than mitigating both recessions and inflation. And there was a basic understanding of how fiscal policy could similarly affect inflation/recessions.

There is now a complete disconnect on fiscal policy and the fed has been slow to react (and seemingly unwilling to make politically unpopular decisions). The fact that congress thinks more spending will reign in inflation is simply bizarre. But that's where we are.

---

Congress passed legislation reducing the deficit. You are being more economically illiterate than Congress.

Sebastabear said:

---

BearForce2 said:

---

Recap of Joe Biden’s week …

COVID
Recession
COVID

— Catturd ™ (@catturd2) July 30, 2022

A stagflation pandemic sandwich.

---

Or, said differently,

- Chips Pus. Got most significant piece of industrial investment legislation ever through Congress which should finally start to address China's investment in and effort to control the semiconductor industry of the 21st century.

- Budget reconciliation. A breakthrough in the most significant part of his legislative agenda that will lower the deficit, allow the US government to finally negotiate drug prices and result in the largest investment in clean energy in US history. Oh and finally doing something about tightening the carried interest loophole which Trump talked about but never actually addressed when he forced his idiotic 2017 tax "reform" through.

- Presided over best month for the stock market since July 2020, when the world rejoiced over the resounding 8 million vote defeat of your orange Mussolini. Yeah I know the President doesn't get credit for the stock market but if you are giving him the blame then you also have to give him the credit.

Maybe it's not as awesome as reposting 100's of memes a day on some obscure backwater sports message board but it doesn't really seem all that shabby.

---

Biden economic advisor Brian Deese says the U.S. is doing better economically than other countries because we’re not in a “famine” pic.twitter.com/2JwO7YneOI

— RNC Research (@RNCResearch) July 27, 2022

I guess people don't like Catturd. Biden promised no tax hike if you make less than $400k per year. The Inflation Reduction Act raises taxes for everyone making over $30k. But hey, at least we're not in a famine.

dimitrig said:

---

BearForce2 said:

---

Recap of Joe Biden’s week …

COVID
Recession
COVID

— Catturd ™ (@catturd2) July 30, 2022

A stagflation pandemic sandwich.

---

Recap of Trump's term in office:

Lies
Impeachment
COVID
Attempted Insurrection
Impeachment Again

---

This is NOT a parody @TheAtlantic pic.twitter.com/L3Krk9gipy

— Dinesh D'Souza (@DineshDSouza) July 29, 2022

OMG

Republicans and right wing media cheering for recession.

concordtom said:

---

Republicans and right wing media cheering for recession.

---

And blocking a healthcare bill for Veterans that they already overwhelmingly voted for on June 16th by a vote of 84 - 14.

DiabloWags said:

---

concordtom said:

---

Republicans and right wing media cheering for recession.

---

And blocking a healthcare bill for Veterans that they already overwhelmingly voted for on June 16th by a vote of 84 - 14.

---

Sad panda.

oski003 said:

---

DiabloWags said:

---

concordtom said:

---

Republicans and right wing media cheering for recession.

---

And blocking a healthcare bill for Veterans that they already overwhelmingly voted for on June 16th by a vote of 84 - 14.

---

Sad panda.

---

And mocking those who suffer while cheering for said woes they support.

concordtom said:

---

oski003 said:

---

DiabloWags said:

---

concordtom said:

---

Republicans and right wing media cheering for recession.

---

And blocking a healthcare bill for Veterans that they already overwhelmingly voted for on June 16th by a vote of 84 - 14.

---

Sad panda.

---

And mocking those who suffer while cheering for said woes they support.

---

Hey, I have explained what really happened in two other threads. If you all want to ignore it and continue the circle jerk, then you all deserve some mocking, especially Diablo, who is "embarrassed" by being here at all. You really should be laughing at Diablo for bringing it up in this recession thread. It is comical.

dajo9 said:

---

BearGoggles said:

---

calbear93 said:

---

DiabloWags said:

---

I'm not gonna side with the Biden Administration on this because the word transition comes from right out of economic advisor Brian Deese's playbook and he doesnt impress me.

But I will say this . . .

What you wont see "Joe Q" public wrap their brains around (and certainly not any of the pundits on Faux News or their fellow Trumpanzee audience) is the fact that INVENTORIES are having a big impact (drag) on the economic data this year AFTER GDP had surged 6.9% in Q4 of last year because of inventories surging in preparation of the Holiday Season.

Q1's decline of 1.4% was clearly impacted by a WHOPPING 3.2 percentage point drag from real net exports. Furthermore, slower inventory investment dragged 0.8 percentage points on GDP.

Govt spending declined at an annualized rate of 2.7% which dragged GDP down another 0.5 points.

In other words, with a 3.6% unemployment rate, you can clearly make the case that Q1 was not a negative quarter for most households.

This is not spin.
This is Econ. 101a

GDP Contracts in Q1 on Falling Net Exports and Inventories, but Underlying Demand Trend Remains Positive for Now | Fannie Mae

---

Agree for the most part.

It is a recession but not a worrisome recession. The inventory glut comes from both companies overstocking due to supply chain issues, consumer movement from non-essentials to essentials to counter inflation and shift from consumption of goods to services (like travel). But it is a recession based on real GDP and thumb rule understanding of recession and not using some fairly tale current-dollar GDP as if there is no inflation or subjective interpretation of when things are really looking bad. And one thing about reduction in inventory investment - that has a lagging but real impact on employment - companies will cut jobs as a first reaction to reduced revenues, including revenues from companies making the products. There is still a lot of real backlog to work through but let's not pretend unemployment will not go up soon. It always does in these situations.

---

It used to be that people accepted "business cycles" and viewed recessions as a way to reset the economy. At some point, the fed has viewed its mission as preventing recessions, rather than mitigating both recessions and inflation. And there was a basic understanding of how fiscal policy could similarly affect inflation/recessions.

There is now a complete disconnect on fiscal policy and the fed has been slow to react (and seemingly unwilling to make politically unpopular decisions). The fact that congress thinks more spending will reign in inflation is simply bizarre. But that's where we are.

---

Congress passed legislation reducing the deficit. You are being more economically illiterate than Congress.

---

In your typical fashion, just an unsupported claim. Which legislations did congress "pass" to reduce the budget deficit?

You can't be referring to the CHIPS act which is awaiting Biden's signature. Because according to the CBO, that is "not paid for" and will add $79B to the budget deficit, with the "costs of the legislation are heavily front loaded, with over half of the projected deficit increase occurring in the first five years." In other words, adding to inflationary pressures in the short run.

https://www.crfb.org/blogs/cbo-estimates-chips-plus-bill-would-cost-79-billion

It is funny you would accuse me of being illiterate when you apparently don't understand the meaning of "passing" legislation.

The proposed budget reconciliation is not yet passed. If it does pass, we'll need to see what budget gimmicks were used. Is it the Obamacare many years of revenue vs fewer years of expense? Unreasonable expectations of drug cost savings? From what I've read, there is nothing in the PROPOSED bill that would meaningfully reduce inflation and in fact some people think it will add to inflation in the short run with the deficit reduction many years down the line. But no one really knows because no one has seen the proposed legislation.

I'll edit to the Democrats in Congress are pushing legislation to reduce the deficit. The Republicans are opposed.

Funny you bring up Obamacare. It has saved us Trillions and the Republicans hated that too.
https://www.statnews.com/2019/03/22/affordable-care-act-controls-costs/

The Copiest of Copium

You realize you're cheering for recession again. Trying to make the case for it.

If you had credibility I'd consider, but you don't.