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Economy White House changes the definition of Recession

Jack V Savage said:
Because of misconceptions. I already answered that question.



I wouldn't know. I've been pointing out that the OP and many others ITT lied, falsely claiming that the WH changed the definition of a recession. Lying is OK with you hacks, though, right? Not a single person has had the integrity to just admit the truth, even after it was pointed out. Christian ethics in action, I guess.
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Liars!!!!!!

There is no recession!
Inflation is transitory!
Men can have babies!
 
SBJJ said:
Liars!!!!!!

There is no recession!
Inflation is transitory!
Men can have babies!
Click to expand...

So anyway, the OP and many hacks ITT said that the WH changed the definition of a recession, but the definition hasn't changed. I think it's morally wrong and harmful to discussions to say untrue things.
 
Halifax said:
When you declare a goal of replacing 50% of America's vehicles by 2030 with electric and say you are going to take drastic steps to curb fossil fuel use in the years between, declare war on fossil fuels, sign executive orders on day 1 in office killing pipelines underway, force refineries to make costly renovations to better stop emissions and cutting off any new leases on drilling on public lands and waters to signal your green cred, it has immediate negative repercussions in the form of big oil now seeing it as a losing investment to build new refineries or upgrade old ones.

The USA is producing a lot less gas now. Despite folks saying "But they are drilling the same amount of Oil", they conveniently ignore the half dozen refineries that have shut down since COVID and more to come as LyondellBasell has signaled they will shutter their refinery due to America's fossil fuel direction by 2023, as have several others. And nobody is lining up to build new ones as its now considered a short term losing investment. The only way folks get back into that game with money is if the Government builds refineries themselves, or a signal is given to investors that refineries won't be irrelevant soon, which means backpedalling on green stuff.

Fuel trickles into many parts of the economy. Its a huge need in farming for machinery and production of Nitrogen fertilizer, Fuel to transport of goods by Truck/Rail/Ship, etc

Incidentally, Trudeau just declared Fertilizer too shitty a carbon emitter in Canada so he is legislating a goal of Fertilizer use reduction by 2030. As a net exporter of food, the costs of retrofitting and reduced yields will be passed on to the consumers, which is both Canadian citizens and whoever we export to. Since 71% of our exports go to you, you will probably be feeling our pain too. He's also looking at cutting our wood exports to the USA by half to save forests, not sure how losing half of 18 billion in wood affects you, but we are only 6.2% of your wood imports. im sure whoever else you import from will jump right in
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Lol war on fossil fuel. I’m not going to get into it over going green in here with you because that would be a huge derailment, but I’d like to point out to you that the fossil fuel industry is still posting record profits right now.
 
Jack V Savage said:
The main thing that policy can do for the economy is boost demand when there's a shortfall. That's generally done by the Fed (which is sort of independent, but you can kind of indirectly credit/blame presidents for that--though note that the Fed chair terms don't line up with presidential terms). If interest rates are as low as they can go and there is still a demand shortfall, fiscal policy can speed up a recovery. That's rarely happened in our history, though it did during both Obama and Biden's presidency. Of course, changes in fiscal policy also require Congress (which is why Obama didn't get as much stimulus as he wanted, for example). Other things that can affect the economy are increasing immigration, infrastructure improvements (or I guess failing to improve them or decreasing immigration can have negative impacts), gov't-funded (directly or indirectly) R&D boosts (that doesn't show up for a while, though), and tariffs can slow growth (not much more juice to squeeze out of lowering trade barriers, though there probably is some).

In terms of inflation, the second relief package was somewhat excessive. Gets credit for boosting growth, but it also boosted demand growth beyond what our capacity could handle and thus contributed to higher inflation. Other geopolitical factors drove the bulk of the growth, though (which is why the rest of the world has also seen a burst of high inflation--a very inconvenient fact for hacks who want to blame Biden or the Fed--though blaming the Fed is effectively blaming Trump, which hacks don't realize).
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I got most of that but I just kinda fizzled out in the middle of writing that post. I realized as I wrote it I was going to get some triggered rant in response, and I was right about that. I figure d it was going to be about how I give Dems a pass and not Trump or something but instead it was the oil industry is a victim post.
 
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deadon said:
You were right lol. Now CNN is asking these questions? Wow that's when you know it's hitting the fan.
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here is CNN again, pretty dumbfounded by this move by the Biden Admin.




Biden’s team is stupid. They should have just let the numbers come out and let it play out as is. I saw some estimates where it might not even be negative, some predict 0.5% growth, I think I also saw 1.1%.

But now if it does come out as negative, they have drawn extra attention to the issue AND look pathetic for trying to change the definition. Even if it is positive, with the 0.5% or whatever now, they will still look pathetic for trying to change the definition, which will over shadow any potential growth. It was/is a lose-lose move, and just highlights how little respect they have for their voter base
 
The cuts are coming. I'd bet when these companies re hire after the recession they will drop wages.
 
The 3-month Treasury Bill yield is 2.62%, the highest level since January 2008.
Hmm can we get some comments from the WH?
 
Rygu said:
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chapelle-charlie-murphy.gif
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I don't think people understand what the word "generally" means. There is no contradiction here.

The current economic issues brought on by pandemic and a war in Europe are not "general" situations.
 
Just received my first electricity bill since the "hike" in the UK.

It's trebled. And this was the spring/early summer months where I tend to use less because I don't need certain things.

My winter bills will wreck me a bit. And I live in a 1 bedroom apartment. I can't imagine what a full household is like.

I don't really get the electricity thing either, I can understand gas to an extent.
 
cottagecheesefan said:
Preview of the press conference Thursday. Likely won't have anything to comment on.

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It goes from:

"Let's circle back to that."

to...

"I don't have anything on that."

to...

"How dare you ask that question, peasant! Who are you working for? Arrest them!"


Seems like the natural order of an ever evolving tyrannical government.
 
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