We are now in the midst of the already obvious, but previously undeclared Biden Recession.
But the very facts that make this recession different from previous ones actually make it far more threatening and potentially catastrophic;

We are currently in a period of consistent GDP shrinkage and high inflation despite extremely high employment and multiple employment numbers, despite high consumer spending, despite very low interest rates, despite a ballooning stock market. This adds up to priming the stage for cataclysmic economic collapse. The fed, and the organic rubber banding of the economy on its own, are both powerless to bounce back from this recession with a soft landing. They can't just slash interest rates. We can't just drive consumer confidence and get people back to work. Everyone is already employed. Minnesota tops the charts with a 98.2% employment rate. But people are being paid in funny money, monopoly dollars. Supply lines are being stretched to their breaking points and property values have bubbled astronomically, we've already poisoned the US dollar with absolutely massive money printing in the past 2 years;



We're already being squeezed harder than many people can afford and we're living on borrowed time. The economy has nowhere to go but over the cliff

I wouldn't call something done intentionally and with malice a recession.
You ain't seen nothing yet.
Buckle up buck-a-roo.

I will just dump this :

A recession is a significant, widespread, and prolonged downturn in economic activity. Because recessions often last six months or more, one popular rule of thumb is that two consecutive quarters of decline in a country's Gross Domestic Product (GDP) constitute a recession.

by this definition the US is currently in a recession.

and this statement is sourced here: https://www.economist.com/graphic-detail/2022/07/28/americas-gdp-shrinks-for-the-second-consecutive-quarter and is supported here: https://edition.cnn.com/2022/06/07/economy/world-bank-recession/index.html

This post was edited by ferdia on Jul 28 2022 08:53am

And while the Biden Administration is taking the 'its transitory' denialist view of the current recession, and the media is joining in either running cover or reporting on the pronoun definition slapfight ('can't we just call it a transcession and make both sides happy'?)-
the real takeaway is how incredibly fucked we are, because all the levers that are used to relieve recessions are already cranked to maximum. What are we going to do, slash the interest rate back down to 0% while inflation is skyrocketing? Right after increasing it by 0.75%, when its still far below target rates? lmao. The Democrats want to print trillions of dollars in new stimulus and inject it into financial markets from the top so it can 'trickle down' in true reagonomics like they've been doing for the past 12 years, but our money supply is already inflated by orders of magnitude above healthy rates of expansion. Consumers are already spending at record pace. We're all rats on a sinking ship.

any sources to support this ?

also i will dump this here for lite reading:

New York (CNN Business)You can add the World Bank to the growing chorus sounding recession alarm bells. In its latest outlook, World Bank president David Malpass said "for many countries, recession will be hard to avoid." Malpass joins many others on Wall Street and at central banks around the globe who are starting to warn about a sharp economic downturn. JPMorgan Chase (JPM) CEO Jamie Dimon referred to an economic "hurricane" on the horizon last week while Tesla's (TSLA) Elon Musk has said he has a "super bad feeling" about the economy. The reasons for the gloom? Malpass said in the World Bank's latest outlook Tuesday that "the war in Ukraine, lockdowns in China, supply-chain disruptions and the risk of stagflation are hammering growth." (ferdia: these are factors, not all factors).

Stagflation, the combination of stagnant economic growth and high inflation, has become a major worry of late. The trend is reminding experts and older consumers of the late 1970s, when an oil shock and sluggish economy led to two downturns, a so-called double-dip recession, in the early 1980s. Investors are nervous about the fact that the Federal Reserve is raising interest rates aggressively to try and tamp down rising prices. The problem, though, is that some fear the Fed was too late starting its campaign to combat inflation. As a result, the central bank could spark a recession as it rushes to catch up with more rate hikes. The prospect of higher short-term rates from the Fed have already led to a spike in longer-term Treasury bond yields this year. Mortgage rates have jumped as well, leading to worries that the housing market could slow dramatically.

Businesses are also grappling with higher costs for commodities and wages and now have to contend with higher interest rates potentially hurting their bottom lines as well. Add all that up and it's easy to see why the World Bank is increasingly nervous. The international lending organization now expects the global economy to grow at an annualized pace of just 2.9% this year. That is down sharply from the 5.7% growth rate last year as well as the World Bank's January 2022 forecast of 4.1%. "The recovery from the stagflation of the 1970s required steep increases in interest rates in major advanced economies, which played a prominent role in triggering a string of financial crises in emerging market and developing economies," the World Bank said in its new forecast.

The World Bank isn't expecting a big rebound anytime soon. It said that global growth should "hover around" the 2.9% level for both next year and 2024, describing the next few years as "a protracted period of feeble growth and elevated inflation."

This post was edited by ferdia on Jul 28 2022 09:04am

FUCK JOE BIDEN!!!

buy dogecoin

speculation of war has no impact on the economy?

That’s largely what caused gas prices to increase

This post was edited by SharpNips on Jul 28 2022 09:58am

Now show what inflation did post covid in every other first world country