Earlier we told you about negative GDP for the second consecutive quarter, which means the U.S. economy is in a recession no matter how much the Biden White House tries to redefine the word (with some help from the media).
The White House spin in a statement says the country is “on the right path,” which indicates the economy is being driven off a cliff intentionally:
Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation. But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure. Our job market remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone. Consumer spending is continuing to grow. Earlier this week, I met with the Chairman of SK Group from Korea, just one of the companies investing more than $200 billion in American manufacturing since I took office, powering a historic recovery in American manufacturing.
My economic plan is focused on bringing inflation down, without giving up all the economic gains we have made. Congress has an historic chance to do that by passing the CHIPS and Science Act and Inflation Reduction Act without delay.
With that in mind, Carol Roth picks up the White House talking point trail at the “there will be no inflation” guarantee last year and follows it to a possible conclusion:
-There will be no inflation
-Inflation is transitory
-Inflation is good for you
-Inflation only hurts the rich
-Inflation is consumers’ fault
-Inflation is greedy biz’s fault
-Inflation is Putin’s fault
-Recessions mean something else!
-Breadlines are a great way to meet people
— Carol Roth (@caroljsroth) July 28, 2022
And all along the way they’ll expect us to thank them for it!
— HODLingFool (@HODLingFool) July 28, 2022
— The Doctor (@TennantRob) July 28, 2022
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