In Joe’s World Recession Is A Tuna?

Biden’s advisers & flack must get migraines trying to spin No. 46’s growing list of CRISES. Now, we’re being told the expected 2nd Quarter of negative GDP (ala 1st) should no longer mean we’re in a RECESSION. And, Elvis lives?

Brother. The White House Council of Economics Advisers curiously said on July 21 that even if Friday’s advance estimate of the country’s GDP in Q2 turns out negative as it did in the Q1, it’s still supposedly “unlikely” USA is in a recession, even though THAT is exactly the traditional acid test for making the call. Huh? Funny, how even Sen. Elizabeth Warren in a separate WSJ op ed warned that the Fed’s expected second consecutive 75-point interest rate hike later this month “will cost millions of jobs and won’t address the causes of high prices,” whatever they are. Sure sounds like recession talk here, there and everywhere, except the WH. But, no, at the very same time, Team Biden in the WH insists “All’s Well On The Potomac.” Just as the botched Afghanistan withdrawal was an “historic” success; Covid would be “stamped out” last summer; & 12 months ago inflation was “transitory”?

How exactly can this economic magic be rationalized? Treasury Sec Janet Yellen is now arguing the economy is really in a “transitionary” period of “slow growth.” Really? Granted, there are “some signs” inflation may have peaked & unemployment rates are still remarkably low. And, as WSJ just noted, many burned investors seem to still be betting on better times in 2023. But, sorry Charlie, er, Janet. Nice try, but isn’t the higher cost of your tuna EXPECTED TO STAY THAT WAY UNTIL THE ANTI-INFLATION CHICKEN AKA RECESSION COMES HOME TO ROOST whenever?

Davd Soul