Thursday, July 28, 2022

Recession: What's In A Name?

The latest Fox News talking point is that the Democrats have redefined the word "recession" and refuse to declare that our current economy is in one. I'm shocked! The party currently in power doesn't want to advertise we're in a recession. Scandal! 

Technically we are in a recession. GDP has dropped 2 quarters in a row. You wouldn't know it on my street though. People are remodeling homes, upgrading landscaping, taking delivery of new cars (2 new Teslas on our street in the last month or so!). Everyone I know is still employed. 

What would you do different if Biden held a press conference and declared we are in a recession? I wouldn't change anything in my life. I maintain it wouldn't change most people's daily behavior. The people who care the most are in the political class. The right-wing political geeks would react with glee. Their ads in the midterm elections are going to be about the "Biden recession" anyway, but a formal announcement would make that even sweeter. (Have you seen the term "Bidenflation" yet? Ridiculous. I wonder if they call it that in the UK and Europe and everywhere else on the globe inflation is running high?)

It's all political BS that gives the media something to use in the 24/7 news cycle. It's a fight to control the narrative. The side with the most compelling (not truthful or in the interest of our country) narrative wins the game. That's how things work now.

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