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IPFS News Link • Economy - Recession-Depression

The Gaslighting Has Escalated To Extremely Absurd Levels As The Biden Administration...

• https://www.activistpost.com, By Michael Snyder

They are trying to do it to us again.  Over the past two years, they have lied to us over and over again, and now they are going back to the same old playbook one more time.  Everyone is anticipating that Thursday's GDP number will show that the U.S. economy has now contracted for two quarters in a row, and when that happens that will mean that we have fallen into an economic recession.  In fact, if you go to Google and type in "recession definition", this is what you will find: "a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters."  But the Biden administration doesn't like that definition for obvious reasons.  If everyone starts throwing around the word "recession" to describe what is going on, the outlook for the Democrats in the midterm elections is likely to get even bleaker.

So instead of facing reality, Biden administration officials are now attempting to move the goalposts.  Just check out how Treasury Secretary Janet Yellen responded to a question posed to her by Chuck Todd of Meet The Press on Sunday

"Meet the Press" host Chuck Todd asked Yellen: "If the technical definition is two quarters of contraction, you're saying that's not a recession?"

"That's not the technical definition," Yellen responded. "There is an organization called the National Bureau of Economic Research that looks at a broad range of data in deciding whether or not there is a recession. And most of the data that they look at right now continues to be strong.

"I would be amazed if they would declare this period to be a recession, even if it happens to have two quarters of negative growth," Yellen said.


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