Recession? What Recession?
It’s positively Orwellian.
I’m talking about the Biden administration’s spin doctors frantically trying to change the long-established definition of an economic recession.
Trouble is, they can’t fix reality.
For decades, economists have defined “recession” as two succeeding quarters of falling GDP (gross domestic product). The U.S. experienced a retraction in the first quarter of 2022 and the new numbers are set to come out on Thursday.
Clearly, the Biden administration is bracing for bad news. And this is where it becomes Orwellian: They’ve decided to change the definition of a recession.
Biden’s beleaguered communications team was busy on Sunday, trying to get ahead of the story:
They think the American people are stupid.
Nice try, Jan.
Trouble is, Americans KNOW we’re in a recession. They know it every time they shop for groceries and see the price of food soaring week over week. They see It when their wages can’t keep up with inflation. They see it when there are rumors of layoffs. when they put off major purchases.
Yellen’ s nutty pronouncement Monday was about as reassuring as her blather last year that inflation would be fleeting.
“Yellen spent much of 2021 saying inflation was "transitory" and likely to abate once Covid pandemic-specific factors such as supply chain problems and outsized demand for goods over services returned to normal.
In a separate interview Tuesday, Yellen admitted she was wrong.
"I think I was wrong then about the path that inflation would take," she told CNN's Wolf Blitzer. "There have been unanticipated and large shocks that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly that I ... at the time, didn't fully understand.”
There is a lot Yellin doesn’t understand. She’s bad at her job and with this gaslighting, she demonstrates that she’s not just incompetent but she’s fundamentally dishonest.
You know who does understand the economy, who’s brutally honest and who knows that printing money leads to inflation, which is usually followed by a recession?
Dennis Gartman, the long-time economics and commodities analyst and frequent guest on CNBC, BBC and Bloomberg News. For many years Gartman was the editor and publisher of the prestigious “Gartman Letter,” a daily publication that scrutinized global capital markets.
Gartman lives in Hampton Roads and is a regular guest on Tony Macrini’s morning show on WNIS AM-790.
I wish I’d been taking notes when he was on the air last week. Unfortunately, I was driving. Fortunately, I have a great memory.
Asked about inflation, Gartman was unequivocal.
“We’re already in a recession,” he said flatly.
I trust Mr. Gartman.
The recession is here. You know it. I know it. Washington knows it
Buckle up America. Times are about to get tough.
Don't look for straight talk or solutions from the White House. The con artists there are too busy trying to gaslight the nation.
