USA in Recession! Protracted Main Street Depression to Follow?

by Stephen Lendman

There's no ambiguity about what may be the mother of all economic hard times before the gathering storm explodes into protracted Main Street Depression.

Analysts Doug Casey and David Stockman believe what's ongoing is the onset of "the most turbulent period in US history," adding:

For the vast majority of Americans, hard times will likely be worse "than (during the Great Depression) 1930s…(a) perfect storm of big trouble."

After US GDP declined for two consecutive quarters, truth-telling economist Paul Craig Roberts said the following:

"The US Economy Has Fallen into Recession."

"Real GDP declines of 1.6% in the 1st quarter followed by 0.9 in the 2nd quarter qualifies as a recession."

All US/Western officials lie and mass deceive, the latest example by Biden regime Treasury secretary Yellen on Thursday.

Ignoring clear evidence of the US in recession, what's likely to greatly worsen, she defied reality as follows, saying:

"Job creation is continuing (sic)." 

"Household finances remain strong (sic). 

"Consumers are spending, and businesses are growing (sic)."

As earlier explained, industrial America was largely offshored to low-wage countries.

Largely a service economy, the vast majority of US jobs created are rotten part-time or temp ones, paying poverty or sub-poverty wages.

Countless numbers of US workers need two or more to survive.

With real inflation at 17.3%, not the phony 9.1% figure, most US households struggle financially to make ends meet — things worsening, not improving.

Isolated from real world reality, most US/Western politicians and bureaucrats, like Yellen, enjoy luxuries that ordinary people can't afford.

Instead of setting the record straight on Thursday, she falsely claimed the following:

The US economy "is transitioning to more steady, sustainable growth (sic)."

"This path is consistent with one that eases inflationary pressures (sic), while maintaining labor market progress of the past 18 months (sic)."

"(O)ur economy (remains) resilient (sic)."

The Wall Street controlled, Powell-led, Fed created soaring inflation by unprecedented money printing madness.

The Biden regime made a bad situation worse by waging all-out sanctions war on Russia.

Along with the undemocratic Dem-controlled House and Senate, the White House compounded its wrecking ball agenda by approving $280 billion to boost US semiconductor development and production.

Instead of curbing inflation, the Fed and Biden regime are fueling it.

Recited scripted remarks on Thursday, the fake Biden said the so-called Chips and Science Act "is exactly what we need to be doing to grow our economy right now (sic)."

It's fueling near-record high US inflation — not fighting it — by more massive spending instead of cutting back.

On Thursday, economist John Williams said the following about two consecutive quarters of US GDP decline:

"(A)new recession is in play, despite the official obfuscation already underway."

And in June, there was "no noticeable slackening in headline money growth that would suggest any pending inflation relief."

Based on how US economic data were calculated pre-1990 — before things were rigged to look rosier than reality — Williams explained the following:

Q II's decline was -2.94%, following a -3.56% contraction in Q I.

As for curbing inflation, the Fed so far isn't using its key tool in a meaningful way — cutting money supply growth.

Inflation is a monetary phenomenon — caused by too much money chasing too few goods.

There's nothing "transitory" going on as Yellen falsely claimed, belatedly admitting she was "wrong."

It's out-of-control, likely to worsen and remain deep-seated — no matter how PPI and CPI data may be manipulated ahead to pretend otherwise.

Approval of $280 billion more government spending is throwing more fuel on the inflation fire, as follows:

The US Treasury will issue more debt to pay for increased spending.

The Wall Street controlled Fed will create more money to buy it.

The scheme is virtual taxation without representation by currency debasement, the root cause of inflation — transferring wealth from ordinary Americans to its privileged few by inflating their assets.

According to one estimate, Pelosi increased her super-wealth by $38.9 million in 2021 — while the vast majority of her 12th northern California district House constituents struggle to make ends meet.

She, Yellen and other Biden regime officials suppress the reality of hard times getting harder for most Americans. 

Nor do talking head TV economists and analysts.

While consumers know they're paying more for goods and getting less, they understand little or nothing about the root cause — or that the nation's ruling class is their mortal enemy.

Things are out-of-control, especially since the Fed created more money in 2020 than throughout US history earlier — over $6 trillion in a matter of months.

With US national debt at a whopping $30,611.9 trillion, repaying it is impossible — especially as it keeps rising.

The only way to curb it — a path not taken — is by cutting government spending and Fed money creation to pay for it.

Out-of-control inflation requires tough-minded measures to curb it.

Instead, things are going from bad to likely much worse by continued wrong-headed policymaking.