BIDEN WATCH: 8.13.22 - Redefining the Meaning of Recession to Avoid Reality

 Redefining the Meaning of Recession to Avoid Reality – Todd Strandberg - https://www.raptureready.com/category/nearing-midnight/ The Biden administration has done a terrible job of handling the economy. Not only has it been blind to the dangers that are headed our way, but it also took steps that madethem worse. President Biden ignored inflation warning cries over the trillions we were spending on covid stimulus packages. The Treasury increased the money supply by 40% in less than two years. The Fed bought $5 trillion in mortgage-backed securities. When all this debt creation caused inflation to rise higher, Biden said it was only a temporary problem. When inflation kept on rising, the American people started noticingthe financial pain. Figures that the Fed follows closely show that we now have the highest levels of inflation since January 1982. The president’s nose-diving poll numbers finally forced some action. Interest rates have increased by 1.75% over the past twomonths. Washington is so far behind on inflation, that rates would need to go up by another 7% to generate real yields on bond investments. The U.S. economy is facing another financial problem – recession. Last week it was learned that the gross domestic product (GDP) had declined for the past two quarters. TheU.S. economy shrank at an annual pace of 1.6% in the first quarter and declined by 0.9 percent in the second quarter of 2022. Shortly before the new GDP numbers came out, a post was made to government financial sites that stated two back-to-back declines in GDP do not mean we are in a recession.When asked if the Biden administration was trying to change the definition, Press Secretary Karine Jean-Pierre said the strength of the labor market and other indicators are “not what we generally see as we talk about recession or even pre-recession.” Biden addressed the debate, predicting the U.S. will dodge a downturn and similarly highlighting the labor market’s rebound as a sign of good economic health. “We’re not going to be in a recession, in my view. The [un]employment rate is still one of the lowest we’ve had in history,” he said. “My hope is we go from this rapid growthto steady growth.” Treasury Secretary Janet Yellen said an organization called the National Bureau of Economic Research that looks at a broad range of data is what decides whether or not thereis a recession. And most of the data that they look at right now continues to be strong. The truth-seeking Snopes.com was once a helpful site. Because it is run by leftists, it agreed with Biden’s adjusted meaning of recession. Snopes tried to have things bothways in saying it didn’t want to “give readers the misleading impression that the Biden administration literally tried to revise the criteria economists use to determine when a recession has occurred. But that was not the case.” Wikipedia has been criticized after the website changed the definition of the term recession and locked the page to prevent editing by the public. Wikipedia said it lockedthe page to require proper citation and avoid political bias. When you’re editing your content based on the word of the 21st century’s great economist, Joes Biden, no other source is needed. It is very dangerous to change something that has been the standard way of measuring the economy for over 50 years. Because the NBER doesn’t declare that a recession has occurreduntil it’s in the past, we will never live through another one. A bear market is when a market experiences prolonged price declines. It typically describes a condition in which securities prices fall 20% or more from a recent high. Anofficial depression occurs when GDP declines by more than 10% and an unemployment rate that at one point reached 25%. If we run into a bear market, the Biden administration may declare it to be a bargain market, where investors can buy stocks at a good discount. If we run into a depression,Washington would likely talk it up as just a correction. Biden would say stocks came down so they can go much higher. The greatest danger we face here is mankind’s arrogance in thinking we have full control of the economy. If something goes wrong, we’ll just rename it. If inflation spikeshigher, we’ll raise interest rates. If the economy starts to stall, we’ll print more money. There have been several times in American history when a financial calamity occurred and people were powerless to fix the situation. The Great Depression and the inflationof the 1970s are two examples. Our political leader tried several plans to restore our nation to a sound economy but failed. The stock market has remained steady not because our nation is run by geniuses. These people have no idea what they are doing. The financial stability is likely the resultof God getting the world ready for judgment. What seems like a blessing is just the calm before the storm. “Blessed is the nation whose God is the LORD; and the people whom he hath chosen for his own inheritance” (Psalm 33:120). --------------------------------------------