Biden's Economic Adviser Came Up with a New Way to Say Recession

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Posted: May 23, 2022 11:45 AM
 Biden's Economic Adviser Came Up with a New Way to Say Recession

Source: AP Photo/Andrew Harnik

We're screwed. I mean, you already knew that. You saw how the stock market took a beating last week. You saw the news that Americans have $9,000 less in savings. You know that we have a baby formula shortage that Joe was warned about several months ago—and did nothing. Gas prices are through the roof. Inflation has torched the wallets of American families. The supply chain is still a mess. There is a slew of domestic crises, and this president can't do the job. He's too stupid and old. We might as well have a Ficus plant running the country. Are we heading into a recession? Yes. It's coming. 

Every economic indicator says a lot of pain is ahead for the foreseeable future. The last quarter saw the economy shrink. The next will be the same. That's a recession. It'll be official then. One could argue that we're already in a recession, but Biden's economic adviser didn't exactly do a bang-up job refuting that economic disaster is coming. 

Like under Obama, they just called it something else, something less ominous. This is all done to con us into thinking that recession isn't a bad thing. It's just a "period of transition." I'm not kidding. That's the new phrase adviser Brain Deese came up with (via Fox News) [emphasis mine]: 

During a "Fox News Sunday" interview, host Martha MacCallum asked National Economic Council Director Brian Deese to react to assessments by PayPal founding COO David Sacks and a growing list of others suggesting the United States is heading into a recession in the near future.

"Our economy is in a period of transition. We’re moving from the strongest economic recovery in modern history to what can be a period of more stable and resilient growth," Deese responded, "And while there are absolutely risks with inflation at front and first and foremost, this is what is most important: The United States is positioned better than any other major economy to bring inflation down and address these challenges without giving up all of the economic gains we’ve made, and that’s because of the strength of our recovery. We have the strongest job market in modern history."

[…]

Interjecting, McCallum pointed to recent remarks by Bush administration economic adviser Glenn Hubbard, who suggested that regardless of the technical benchmark, Americans feel like they’re in a recession. Current Treasury Secretary Janet Yellen also recently claimed that higher food and gas prices are having "stagflationary effects," and Federal Reserve Chairman Jerome Powell said Americans can anticipate "some pain" as the central banks raise interest rates to fight soaring inflation.

"So, I’m asking for your opinion as the economic adviser at the White House. Should people be prepared in the United States that we are or will be in several months heading into a recession?" McCallum asked.

"What people should know is we are in this period of transition to more stable growth," Deese responded. "People should also take confidence that we are better positioned than any other country to navigate through this and keep our recovery going."

It's like when they all said inflation would be "transitory." That turned out to be totally wrong. Stick to the talking points because you can't go off script because there is no good news. There is no record of accomplishment. This is a failed presidency that is going to get absolutely wrecked in November.