News that I missed, courtesy of The Babylon Bee:
WASHINGTON, D.C. — President Joe Biden has just signed a bill into law prohibiting everyone in America from using the word “recession.” The Economic Integrity Protection Act — also known as the “Don’t Say Recession” bill — now threatens to punish any American with the full force of the law for simply uttering the word “recession.”
“Come on folks, gotta stop saying ‘recession.’ It’s a dirty word, sweetheart!” said Biden to an old White House intern he mistook for a young White House intern. “My grandmammy used to wash my mouth out with soap for using that word! Watch your mouth, Jack!”
“We tried changing the definition of recession, but if anything it just made people point out Biden’s recession even more,” said Treasury Secretary and inflation expert Janet Yellen. “Apparently when the price of everything is inflated which causes economic decline, reduced trade, and a fall in GDP for 2 consecutive quarters people start to notice. Weird.” Yellen then went back to drafting a new plan to tax McDonald’s Dollar Menu items.
According to sources, those who break the law and use the word “recession” will face up to 10 years in prison, which after inflation, amounts to 17 years.
Go here to read the rest. Biden is brilliant, and not at all senile, and looks fabulous in his new imperial wardrobe.
”What’s next?”
Now that ‘recession’ is being redefined, I’m guessing that between now and November the next definition to be deconstructed will be “election fraud”.
Unnecessary. Every good, American peson knows that skyrocketing violent crime rates, soaring drug/fentanyl deaths, food/fuel inflation, recession, etc. are good for all decent pesons.
The term “recession” started as a euphemism for “depression”, which started as a euphemism for “panic”, so it’s comfort food all the way down.
Pinky:
At least “recession” has an historic definition: two successive quarters of GDP contraction. “Depression” has no such definition, but history suggests it involves mass unemployment (and we’re in a labor shortage), while “panic” applies to the collapse of mostly wild speculative endeavors in a 19th century economy much smaller and far less regulated than now.
One issue is the command/control economy and national income accounting propaganda machines naturally have become totally politicized.
Economics are mostly applied leftist ideology [economics with Alzheimer’s], with huge doses of dishonest statistics.
Ergo, the corrupt, incompetent elites that pull the strings cannot be seen to be $hitty at rigging the economy and markets.
I don’t know about a recession now. Maybe later.
In addition to the apparently strong job market, there are over $19 trillion in deposits in US banks and Wall Street guys say about $5 to $7 trillion in short term government funds. So, one could say there is a huge amount of liquidity waiting on the sidelines.
OTOH, two quarters down GDP and record high leverage rates among many consumers could lead to massive credit defaults.
I don’t see an economaniac comment on this. After pumping into the economy $7 trillion, unemployment is almost as low as Trump had it, but the labor participation rate is only 62% and total nonfarm payrolls are still about one million below Trump’s level. Consumer confidence rightly is lowest in recorded history.
Have to stop now. I’ve confused myself.
and total nonfarm payrolls are still about one million below Trump’s level.
I wonder if this is adjusted for inflation.