None Dare Call it a Recession Lest the Democrats Lose the Mid-Terms, by Tom Luongo

The Democrats are doing everything they can to divert attention and shift the blame for the rapidly sinking economy. From Tom Luongo at tomluongo.me:

When all you have left is managing narratives, managing narratives becomes a full time job.

This is where The Davos Crowd is today– just before the next Fed rate hike and just over three months out from the US mid-term elections.

It doesn’t matter the subject anymore, everything is managed, massaged, wheedled or cajoled into a convenient definition which serves some aspect of the Davos agenda. Last week it was blaming Russia for the West’s financial problems – food and energy shortages forcing the ECB to raise rates.

This week we’re going to be redefining a ‘recession’ and shifting the blame for it to the Federal Reserve.

Treasury Secretary cum Vice President Janet Yellen prepped the stage last week, using her gravitas (*snort*) to proclaim that she “doesn’t see a recession” on the horizon. Now the O’Biden administration is redefining recession away from the technical definition of two straight quarters of negative GDP growth.

While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle.

I could spend a thousand words picking apart the faults in this one sentence but I’m not going to because that would give this credence far beyond what it deserves.

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