Florida Sen. Rick Scott countered the Biden administration’s claim that America is not in a recession by noting that the state of the economy now meets the basic requirement. Scott called out President Biden for doing nothing to help Americans who are struggling with inflation, high taxes and the supply chain:
If you go to Google and you put in “recession,” and you look at the definition, I think it’s two quarters of negative GDP. So I think it’s pretty basic. But they don’t want to acknowledge what’s happening. By the way, when we have negative GDP, what’s that mean? That means you make less money. That means people are going to get laid off. That means the value of things are going to go down, like your home. That’s what’s happening. And by the way, it’s happening. And it’s happening because the Biden agenda. They’re not reducing taxes, they’re increasing taxes. They’re not reducing regulation, they’re increasing regulation. We have the highest inflation in 40 years. I was in a roundtable with Florida businesspeople this weekend. They’re all struggling. They’re struggling with supply chains. Biden’s done nothing on that. They’re struggling with inflation. Biden’s done nothing on that. They can’t get workers. Biden’s done nothing on that. This is a do-nothing president.
Today’s read is from Elle Reynold, an assistant editor at The Federalist. Here’s an excerpt:
In preparation for the close of the year’s second economic quarter, the White House Council of Economic Advisers has already started the spin: We’re not in a recession if we just redefine what a recession is.
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the supposedly nonpartisan group said.
It’s doubtful the verbal smoke and mirrors will persuade the average Americans whose grocery bills keep growing as fast as their gas tanks empty.
A recession is a sustained downturn in economic activity, and many Americans can feel it without knowing what the Q2 numbers are. But it’s far from the first concept the left has simply redefined to deflect the consequences of their failed policies and ideas.
Read the entire column with more examples here.