Commentary
As predicted, the Biden administration has spent the better part of the week explaining that tomorrow’s GDP report on the 2nd quarter, even if it is negative, does not mean we are in a recession.
In his ham-handed way, Biden made it very plain: “We’re not going to be in a recession.” These days, such an announcement is as good as an official announcement that we are in a recession.
During this time, the White House has been gaslighting the public on the definition of recession. It’s a “rule of thumb” that recessions are marked by two consecutive declines in output, at least according to all mainstream texts for many decades. That’s precisely what is likely to be revealed unto us….