The White House is frantically working both behind the curtains and in the open to prepare for a potentially devastating economic blow.
This blow might allow Republicans to claim the “Biden crisis” has begun.
Recession Has Begun
A report due out on Thursday is predicted by Wall Street analysts, academics, and even some members of the Biden government to indicate the economy declined for a second consecutive quarter.
This matches a traditional definition of a recession, but this is by no means the only one.
Senior officials have taken to the radio and are privately arm-twisting reporters to convince everyone who will listen that the market is still strong.
However, White House officials acknowledge it will be difficult to persuade people, given that salaries are being severely slashed by the biggest inflation in 40 years, even while the market continues to create jobs and Americans continue to spend money.
These mfers are seriously redefining what a recession is.
We are in one. Right now. pic.twitter.com/8m7SibVdkl
— Natalie F Danelishen (@Chesschick01) July 24, 2022
One of Biden’s longest-serving staffers and a council member of Economic Experts, Jared Bernstein, stated in interviews that the White House isn’t trying to switch up definitions.
Despite being weird and unsettling to many Americans, the present post-pandemic period, according to research and blog posts from Bernstein’s CEA and the Treasury Department, is not even close to a recession.
“This is not an industry that is in crisis,” Treasury Secretary Janet Yellen said on Sunday’s episode of NBC’s “Meet the Press.”
Gene Sperling, a top Biden advisor, crossed a dangerous line on Fox News on Monday. Director of the National Economic Council Brian Deese attended the White House meeting the next day to present his argument.
Former White House adviser Larry Summers stated Monday on CNN that anybody who claims we are currently in a recession is “either dumb” or “trying to score political points.” He is being discreetly praised by White House aides.
Summers continues to think that a recession is probably coming quite soon.
Biden’s Been Briefed
Yellen, Cecilia Rouse, Jennifer Granholm, Deese, Sperling, Shalanda Young, the budget office, as well as Amos Hochstein, the state agency’s director for international energy policy, briefed Biden on Friday evening.
Apparently The White House is changing the definition of recession this week so we can pretend that we’re not in one.
— Donald Trump Jr. (@DonaldJTrumpJr) July 25, 2022
The lengthy, distant meeting was centered on the White House’s obsession with how much gas prices are falling, the effects of that decrease on consumers, and lingering geopolitical challenges that might yet cause oil and gas prices to spike once more.
No matter what the GDP data for this week show, the White House press corps frequently hold background briefings with economic journalists and top administration officials to highlight the economy’s positive aspects.
Congressional Republicans, on the other hand, see an opportunity to capitalize on the economy as a midterm election topic. Republicans can ride it to even higher victories in November than polls anticipate.This article appeared in Conservative Cardinal and has been published here with permission.