As we reported earlier, the White House is attempting to redefine the term recession; however, their plan is doomed because they are missing one key element.
In the real world (for now), a recession is defined as 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.
According to the White House and Biden’s top economic adviser, that isn’t the case.
Regardless of their feeble attempts to redefine reality, there is one crucial thing that the White House is forgetting…Americans DO NOT care about definitions. They care that food, gas, and energy prices are incredibly high. The White House is doing the same failed plan they tried in June when the Biden claimed the economy is actually in good shape.
Telling Americans that we aren’t in a recession with record-high cost of living prices is like saying it’s warm and sunny out during a category five hurricane.
Plus, there is another issue that is going to blow up in Biden’s face. For the time being, the White House is claiming we aren’t in a recession because unemployment is low, but that is only a matter of time. Companies are going to start laying people off because profits are dropping. Walmart just lowered its expected profits because Americans are getting squeezed.
Actual economic forecasters aren’t sugar-coating that unemployment is the next shoe to drop.
KPMG Chief Economist Diane Swonk says the US is “in store for a rise in unemployment” as the Biden economy flounders.