The Show Notes: What Is A Recession?
Welcome! The White House just changed the definition of a recession.
Headline: Under 30%? Biden's declining approval casts shadow over midterm elections - Washington Examiner
Number to know: Consumers pay $10,000 more for a used car than in a "normal" economy.
Must read: FBI investigation determined Chinese-made Huawei equipment could disrupt US nuclear arsenal communications - CNN
Mike Pence returns to DC tonight.
Clip of the day:
NEW:
Denying a Recession
What’s the best way to avoid a recession? Change the definition of course!
Until yesterday, a recession was widely defined as two consecutive quarters of negative growth. Now, the White House has changed the definition to avoid a “recession” when poor economic numbers are expected to be reported later this week. Q1 of 2022 saw a -1.6% GDP growth and Q2 is projected to be identical.
This is from The White House:
What is a recession? 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. Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession.
Go read the story at National Review on the subject. Here’s an excerpt:
The reason it will be so difficult for Biden to explain that this isn’t really a recession is because in the American public’s mind, a recession is a de facto synonym for “economic bad times.” With inflation at 9.1 percent, Americans are feeling an intense financial squeeze because everything is more expensive now. The price hikes aren’t gradual; they’re sudden and noticeable. And these aren’t price hikes that a person notices for once-in-a-while purchases, like a new home purchase or a new car purchase. These are noticeable price hikes in everything they buy, particularly groceries and gasoline.
Top 7 Cities People Are Fleeing
This is the least shocking news of the day:
San Francisco
Los Angeles
New York
Washington D.C.
Seattle
Boston
Detroit
Go read the full story at CNBC.
Backlash against progressive, Soros-backed DAs continues as violent crime soars
This is from Just The News:
In the wake of last month's recall vote ousting San Francisco District Attorney Chesa Boudin from office, left-wing prosecutors in Democrat-run cities from Los Angeles to Philadelphia are facing growing backlash for soft-on-crime policies as violent crime spikes devastate local communities.
Many of these progressive prosecutors are funded by left-wing megadonor George Soros, who has spent the last several years injecting tens of millions of dollars into local DA races nationwide, backing candidates who support policies such as abolishing bail, defunding the police, and decriminalizing or deprioritizing certain offenses.
Putin Plays Hardball
More bad news for Europe.
The rest of the news:
Taiwan holds drills amid Pelosi visit concern, China tension - AP News
Ghislaine Maxwell can enjoy movies, yoga after transfer to Florida prison - NY Post
Elon Musk Denies Allegation He Had Affair with Google Co-Founder Sergey Brin's Wife Nicole Shanahan - People
The NFL is debuting a streaming service — with some major caveats - CNN
Battered Bitcoin Devotees Begin to Contemplate a Market Bottom - Yahoo
Dems fume at Disney’s Hulu for blocking ads on abortion, guns, Jan. 6 - MSN
Inside the GOP Freakout Over J.D. Vance’s Senate Campaign - Daily Beast
University of Michigan Medical Students Walk Out on Pro-Life Speaker at Initiation Ceremony - National Review
Catholic college aims to provide degree and trade certificate for $15K per year - Washington Examiner
'Nope' is Jordan Peele's latest No. 1 film at the box office - CNN Business
Democrats’ ‘Contraception’ Bill Overrides Religious-Freedom Law and Protects Abortion - Yahoo
She’s 17 and Has a Roth IRA. How Gen Z Is Handling Its First Bear Market. - Marketwatch
Sen. Raphael Warnock keeps distance from Joe Biden as president’s ratings sink - AJC (paywall)
On the campaign trail, many Republicans talk of violence - Washington Post (paywall)
A Taste for Cannibalism? - NYT (paywall)
Tweets that caught my eye: