As we discussed earlier, outlets like the Associated Press and Bloomberg haven’t wasted any time trying to spin the news that the United States is officially in a recession into news that there’s a chance the United States could enter a recession someday. And trying to mitigate the awfulness is certainly one approach.
But believe it or not, there’s an approach that’s arguably more brazen than even that one. And everyone should give a major shout-out to White House, politics, and economics writer Josh Boak — who works for the AP, by the way — for coming up with it:
Inflation matters a lot when thinking about GDP—exclude it from the Q2 figures and the economy grew at a 7.8% annual rate.
The fact that nominal growth was wiped out entirely by inflation helps to explain why voters are so angry and unhappy.
— Josh Boak (@joshboak) July 28, 2022
If you just leave out the inflation that’s been choking the economy, the economy is ackshually doing pretty darn good!
"We wouldn't be in a recession if it weren't for the stagflation" is not the own you think it is.
— AmishDude (@TheAmishDude) July 28, 2022
But it’s apparently the best that Josh Boak can come up with right now. Maybe if we give him a few more days, he’ll come up with something even better!
Still, though, he should be very proud of himself for this. We can honestly say that it’s not something we would’ve come up with. Mainly because it’s so stupid. But mega points for creativity, Josh.
If you get rid of the thing that’s making things terrible things aren’t so terrible! https://t.co/ZZmAroBka4
— Peter Towey (@petermtowey) July 28, 2022
Why are you excluding inflation from the Q2 figures? https://t.co/LOKClgUJKC
— Prince of Doges 🇺🇸 (@princeofdoges) July 28, 2022
Because that’s the only way to make this work, silly!
https://t.co/lAKwJ3yhSl pic.twitter.com/YaLpByYhwa
— LaurieAnn 🧚🏻♂️💫 (@mooshakins) July 28, 2022
We certainly hope that Josh gets some flowers and chocolates from the White House for his efforts. At least a thank-you card. Something.
If I take away my monthly mortgage payment, my monthly income would grow by 15%.
— Lois Cayce (@LBC1983) July 28, 2022
If you just exclude all of the things I have to spread money on from my paycheck, I’d be rich!
One hell of a take.
— Warbuck$ (@P_Bear16) July 28, 2022
Maybe we should all try an approach like that when we’re assessing our financial situations.
Aside from that, how was the parade through downtown Dallas, Ms Kennedy? https://t.co/Qp15gXmcHl
— Jaws (@Jaws960608) July 28, 2022
Other than a bullet in the head, Lincoln wasn't assassinated https://t.co/IftMaW6ooT
— Comfortably Smug (@ComfortablySmug) July 28, 2022
The marriage was actually very strong if you simply overlook all of the domestic abuse
— Tom Elliott (@tomselliott) July 28, 2022
"OJ claimed he was a very caring husband who would never do anything to hurt or abuse his wife Nicole, whom he loved and then murdered." https://t.co/gMRGDh5roC pic.twitter.com/KO2N7IGjFL
— Stephen L. Miller (@redsteeze) July 28, 2022
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Related:
Paul Krugman says we should ignore the two-quarter rule defining a recession
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