In this week’s installment of “how big of a lie can we sell to the American people” the Biden team and their propaganda ministry are redefining what a recession is. The threshold for declaring a recession has historically been accepted as two consecutive quarters in which the gross domestic product (GDP) has declined. Our GDP declined 1.6 percent in the 1st quarter and .9 percent in the 2nd quarter. Normally that would meet the criteria for a few bad news cycles.
For those of us who bothered to study Macroeconomics 101 in school, you needn’t have bothered. In our first week of the class, we learned that two successive quarters of negative GDP growth meant we were in a recession. But that’s not true, don’t you know. In fact, if you got that question wrong on an exam, we suggest you contact that professor and ask for your grade to be changed. It turns out that, especially in an election year, the definition of a “recession” is whatever the hell Joe Biden and Janet Yellen say it is.
GM, along with EVgo and one of the country’s biggest gas-station and rest-stop operators, plans to install 2,000 EV chargers in 50-mile intervals along US highways. Driver anxiety around battery range and charging remain one of the most stubborn barriers facing EVs. GM is working with EVgo to install 3,250 chargers in towns and cities across America.
The Atlanta Fed GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is 0.9 percent on June 8, unchanged from June 7 after rounding. After this morning’s wholesale trade release from the US Census Bureau, the nowcast of the contribution of inventory investment to second-quarter real GDP growth decreased from -1.61 percentage points to -1.62 percentage points.
We can see the economic deterioration virtually anywhere we look, and we can feel the economy slipping. We’re watching our economy being driven off a cliff in a blue convertible, and we can see the senile buffoon in the White House behind the wheel with the accelerator floored and a stupid look on his face.