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No Signals Flashing Red On Recession?
The Biden Regime Has Been Drinking Too Much Of Its Own Kool-Aid
One of the great dangers of being a persistent purveyor of propaganda is finally succumbing to the temptation of believing your own hogwash.
Clearly the Biden Regime has succumbed, so much so they are unable to look past the highly sanitized top level numbers on the economy and see the reality revealed in the detail underneath. How else to explain White House Council of Economic Advisers member Jared Bernstein insisting that there are no signs of recession anywhere.
"I would look at the following variables, which happens to be the same ones that the group I was just talking about, retail sales, payroll, employment, consumer spending, industrial production, all of those have not been flashing red, all of those are not in recessionary territory," Bernstein said. "Now, if you're asking me to look around a corner and say where the economy is going to be, I got to tell you that everybody's crystal ball is a bit cracked right now, and I think the uncertainty out there makes it tough."
Bernstein sees no warning signals in retail sales?
No warning signs in payroll reports?
No warning signs in employment and labor markets?
No warning signs in consumer spending and disposable incomes?
No warning signs in industrial production and PMIs?
It is one thing to debate what the data might actually be saying. It is quite another to completely ignore the data or interpretations which support the notion the US economy is already in recession.
The first is merely a dispute over how to view the facts. The second is simply being delusional—and delusional describes the Biden Regime’s view of the economy perfectly.
There have been warning signs and red flags everywhere this past year. There have been indicators in abundance showing that the US economy is already in recession and sliding further into recession. Even the extreme interpretation that the US economy is about to experience a severe depression is not a theory that can be dismissed out of hand.
The Biden Regime has drunk too much of its own Kool-Aid, and now drunkenly believes its own propaganda. Which can only mean things are about to get a whole lot worse.
Winter is coming. Recession is here. Depression is possible.
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