“We’re not going to be in a recession, in my view,” Biden said, according to CNN. “The employment rate is still one of the lowest we’ve had in history. It’s in the 3.6 (percent) area. We still find ourselves, the people, investing.”
“My hope is we go from this rapid growth to a steady growth. And so, we’ll see some coming down. But I don’t think we’re going to — God willing — I don’t think we’re going to see a recession,” he said.
The White House paved the way for Biden to be correct by changing the definition of a recession. Traditionally, a recession has been loosely defined as two successive quarters of economic shrinkage, as measured by the nation’s Gross Domestic Product.
But with one quarter of shrinkage documents and a Thursday report expected, experts could denote a second one, the administration said a more “holistic” measure must be used that includes many more factors.
Regardless of the label, Americans are disgruntled.
According to CNBC’s All-America Economic Survey, only 30 percent of Americans approve of Biden’s work on the economy. The poll of 800 people taken from July 7 to July 10 has a margin of error of plus or minus 3.5 percentage points.
A majority of those polled — 52 percent — expect the economy to...
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1 comment:
There's a thing where the surest sign that the government is about to devalue the currency is that they're denying they're about to devalue the currency.
The currency was literally devalued over the last two years by printing over 4 times the amount of money in existence since April 2020. The same thing would happen if a company you owned stock in decided that they were going to issue 4 times the existing number of shares in the company, without doing anything else to justify it.
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