Well of course the largest percentage of Americans who think we're in a recession are the rural Americans, because they're the dumbest and most likely to support Donald Trump. Maybe all of these people weren't around in 2008 and need a real downturn as a reminder? It was eerie back then. I went to work very early in the morning, and I recall mornings I was on this California freeway for long stretches all by myself. Very weird. And at one point, I remember getting gas and it was 1.87 a gallon I believe -- in California. I want to say this was in December and Obama was president so does he get credit for the lowest gas prices I ever saw in California? Anyway, I was starting this new job, there were lots of extra hours, and so while my fingers were crossed, times were good for me. Perhaps Ajax was also employed at that time and enjoying the low prices. It's all relative. A booming economy isn't necessarily good for everyone, just ask all the poor people who get driven out of their apartments by gentrification.
Here's what Nerd Wallet says:
https://www.nerdwallet.com/article/fina ... -recession
It may not be "official," but according to a traditional definition, the U.S. is currently in a recession. However, as with many things in our post-pandemic world, there is more to the story.
The conventional benchmark has been that two consecutive quarters of a generally slowing economy defines a recession. The Bureau of Economic Analysis, an agency embedded in the U.S. Department of Commerce, said that as of July 28, 2022, just such an economic pullback occurred in the first and second quarters of this year.
But with an economy maintaining strong employment and resilient corporate and personal spending, there is room for debate.
Basically the point Biden is making.
Biden is irrelevant here. Right-winger Jerome Powell is relevant though, as he is in charge of raising interest rates. Why, Ajax? Why is Jerome Powell raising interest rates? to stimulate saving and deter easy credit. Why? To get people to spend less. If you want prices to fall, people have to quit spending, but yet, you're in shock over the prospect of people cutting back on spending. How else are prices supposed to fall? You've been telling us from the beginning that inflation is the result of too much money injected into the economy, but then, when measures are taken to stop the spending, you complain that people are going without.
Now, I personally have reservations about how well this right-wing plan of interest rate raising is going to fix things, I think there are some difficult fundamental issues not fixable by politicians and banks, but, in theory if it is fixable, it's all about flow control. You don't need people to go without forever, you need everything to slow down so that every piece of the system can recover and move at its optimal speed. Think about getting onto a freeway when everybody else is trying to get onto the freeway at the same time. To speed up traffic, you have to first slow the rate of flow into the freeway, such as by putting up those stop lights that let one person on every few seconds.
Of course, if there is any point to the Breitbart piece it is that people disagree with the presidents messaging, and has nothing to do with what the problem actually is. wow, epic. But that's what you're about, right Ajax? Messaging and memes? You don't care if the economy is good or bad, you care if everybody is saying it's good if your guy is president and bad if somebody else is.