Good news, everyone. We’re not in a recession. We’re in a “transition.”
I know that because I’ve been told that ad nauseam by every official imaginable in President Joe Biden’s administration. Despite the fact the technical definition of a recession has been reached — two quarters of negative GDP growth — the president and every expert around him assures us that’s not the only measure we should be looking at.
“Both [Federal Reserve Chairman Jerome] Powell and many of the significant banking personnel and economists say we’re not in recession. Let me just give you what the facts are in terms of the state of the economy,” Biden said during remarks Thursday.
“Number one, we have a record job market of record unemployment of 3.6 percent today … and the Inflation Reduction Act will add another $370 billion in clean energy tax credits in reconciliation, including incentives to accelerate domestic production of solar panels, wind turbines, batteries and critical materials processing. That doesn’t sound like a recession to me.”
BIDEN: “Let me speak to one other issue: the GDP and whether or not there we are in a recession. Both Chairman Powell and many significant banking personnel and many economists, say we’re not in recession.”
Well the lack of GDP growth says otherwise, Joe. pic.twitter.com/V7xkOxa04R
— Daily Caller (@DailyCaller) July 28, 2022
Yes, the experts say that the fundamentals are sound and that more spending and a quicker transition to a green economy will keep America prosperous.
And that’s the problem, says Fox News’ Tucker Carlson. Biden is leading the economy via economic experts who have “thoroughly beclowned and discredited themselves” — just like Anthony Fauci and his cadre of public health experts led us down the primrose path to economic and social ruin during COVID-19.
During a monologue on his Friday show, Carlson noted that, no matter how hard the administration tries to redefine the word, “we are in a recession.”
“The economy has been shrinking all year. Real wages are at record lows and at the same time, inflation is the highest it’s been in the lifetime of most Americans,” Carlson said. “So, call it whatever you want, but it’s a recession and it’s scary and they’re ignoring it. … How did they tank the economy so fast and what does it mean?”
To Carlson, figuring that out required speaking “to people who have actual credibility on economics — and that emphatically does not include our most highly credentialed economists, people who, like the public health experts we’ve watched the last two and a half years, have thoroughly beclowned and discredited themselves.”
“A year ago, right about the time he told us that vaccines will absolutely prevent you from getting or transmitting COVID, Joe Biden was asked about, ‘Hey, what happens if we go into a recession?’ In response, as he invariably does, Joe Biden invoked highly credentialed experts,” Carlson noted.
In a speech from last July, Biden cited the experts who insisted price increases at the time wouldn’t become persistent inflation.
“We also know that as our economy has come roaring back. We see some price increases. Some folks have raised worries that this could be a sign of persistent inflation, but that’s not our view,” Biden said.
“Our experts believe, and the data shows, that most of the price increases we’ve seen were expected and are expected to be temporary.”
The people who made these erroneous predictions were “some of the most well-credentialed figures in all of academic economics,” as Carlson pointed out.
“In fact, two months later, in September of last year, 17 winners of the Nobel Prize in Economics signed a letter urging Joe Biden to spend as much money as possible and, we’re quoting, ‘The Build Back Better package,’ they wrote, ‘will transform the U.S. economy to be more efficient without presenting an inflationary threat,'” Carlson noted.
Jerome Powell echoed that sentiment: “The incoming data are very consistent with the view that inflation will move down toward our goals,” he said.
And yet, here we are. Much like the public health experts who botched COVID lockdowns and policies, they still insist they’re right.
“Not a single one of these eminent Nobel Prize-winning economists ever apologized for the letter they wrote or even explained how they got it wrong,” Carlson said.
“They’re still saying the same thing — spend more money, and it won’t affect inflation because when you have much more of something, it’s worth the same. Oh, because supply and demand isn’t real. They’re all saying this — to the extent they’re even paying attention.”
There are a variety of reasons they aren’t. One of them is the same reason our public health experts got so much wrong, too. During the pandemic, public health experts focused on health equity as opposed to maintaining a laser-like focus on beating the virus. Turns out the Federal Reserve is doing the same thing.
The St. Louis Fed has been, for the last month, “meditating on equity,” Carlson noted — “a term that no one can really define, but clearly means your life, Mr. and Mrs. American, is about to get much worse.”
The St. Louis Fed has a blog, the host noted, and a sampling of the articles on it include “Racial and Ethnic Disparities in Access to COVID-19 Relief,” “COVID-19 Disruption by Race, Ethnicity and Geography,” “The Role of Diversity in Public Institutions,” and “Reducing Racial Employment Gaps for Young Adults Without College Education.”
“Again, this is not a syllabus from the sociology department at Brandeis,” Carlson said. “This is the Fed. These are the people in charge of our monetary policy who are supposed to be keeping America from collapsing. But they’re ignoring their actual job in favor of pretending that they’re professors at Brandeis.”
And then there’s Janet Yellen, our Treasury secretary. In April, she made clear what her priorities were during an address at the Atlantic Council: “We must redouble our efforts to decarbonize our economies.”
And now, she’s part of the effort to cover up for the recession.
“This is not an economy that’s in recession, but we’re in a period of transition in which growth is slowing, and that’s necessary and appropriate, and we need to be growing at a steady and sustainable pace,” Yellen said last Sunday.
“So, there is a slowdown and businesses can see that, and that’s appropriate given that people now have jobs and we have a strong labor market, but you don’t see any of the signs now. A recession is a broad-based contraction that affects many sectors of the economy. We just don’t have that.”
Except we do, and it’s because of the experts.
They told us we could spend and inflation wouldn’t balloon. Instead of focusing solely on a healthy economy, they wanted to advance equity. And instead of bringing energy prices down by putting the brakes on the Biden administration’s green agenda, they went right ahead with it as we plunged into recession.
Just like the lockdown artists behind “15 days to slow the spread,” the economic “experts” took the driver’s seat from day one of Joe Biden’s administration. Just like Dr. Fauci, they drove the country off a cliff.
And, as we all kept falling toward the bottom of the ravine, they kept moving the steering wheel the same way they did before we all left the road — as if the very policies that failed us would somehow get us back on track.
This article appeared originally on The Western Journal.