Politicians like to redefine words to escape blame and fool the people. We have seen it before in many instances in America. A couple big uses of this propaganda tactic include denying the US tortured people by claiming it subjected them instead to “enhanced interrogation techniques” and asserting that experimental mRNA shots that don’t even stop transmission of coronavirus, or sickness or death from coronavirus, are “vaccines.”
One of the US government’s latest major propagandistic language contortions is the Joe Biden administration’s attempt to deny America is in a recession by saying a recession is something more than the two consecutive quarters of decline in gross domestic product (GDP) that has been routinely used to define a recession. Seeing that America is just about certain to be already in a recession under the long-used definition, Biden administration officials have been out in front of every camera they can find declaring, “no, it takes much more to have a recession.”
A short interview of economist and investor Peter Schiff by host Laura Ingraham at Fox News this week refutes the Biden administration’s recession deception. As Ingraham points out early in the interview, the last ten times GDP was negative for two successive quarters it was a recession. Then, Schiff notes that throughout his decades-long career in investing “recession has been described by two quarters of negative GDP growth.” Continuing, Schiff states, “we’ve got that, in fact the third quarter looks like it’s going to be an even bigger contraction than the first two.” Further, even by the Biden administration’s asserted new definition, Schiff argues a recession has arrived in America:
[United States Treasury Secretary Janet] Yellen said that a recession is not two consecutive drops in GDP, it’s a broad-based economic slowdown. Well, that’s exactly what we’ve got. The auto industry is in recession. The housing industry is in recession. Retail is in recession. Advertising is in recession. So many unrelated segments of the economy are in recession. How you can’t say this is a broad-based slowdown, doesn’t make any sense.
Not only that, Schiff further predicts in the interview that the economic situation will become “a lot worse in the third quarter and then probably the fourth quarter as well.”
Watch Schiff’s interview here:
Reprinted with permission from the Ron Paul Institute for Peace and Prosperity.