We might be at the Jump the Shark moment for accusations of racism. We’re definitely at the Jump the Shark moment for the so-called journalists of CNN as they slavishly attempt to defend the Biden administration.
The Atlanta Fed’s GDP tracker had been forecasting second quarter growth of zero for a while, then early last week it dived to negative-1.0 percent. And Friday that got worse — it’s now showing negative-2.1 percent for Q2. First-quarter GDP shrank by 1.6 percent, so this would indicate a worsening economy and unquestionably a recession (which is pretty clearly the case if you simply pay attention to the world around you).
Fears of a recession are setting in as Treasury bonds (NASDAQ:TLT) have been catching a bid since mid-June, with the 10-year T-bond yield dipping 8.5 basis points to 2.88% as of shortly before 3:30 p.m. ET. That compares with its cyclical peak of 3.48% on June 14. On the short-end of the yield curve, the 2-year is also falling nearly 9 basis points to 2.83%, down from 3.43% on June 14.
The Atlanta Fed’s downbeat estimate comes as a string of poor economic data rolls in. June’s manufacturing data, for example, continues to wane amid supply chain constraints as well as a drop in new orders.
“The Fed has effectively pushed the economy into a recession, trigger waves of layoffs and making cost of living higher via debt costs,” macro analyst Adam Tumerkan wrote in a Twitter post Friday in response to the updated GDPNow.
So what to do? Beyond the ridiculous “things aren’t so bad” spin some Biden apologists have trotted out in the various media, now we have a pre-emptive woke discrediting of the government organ in charge of declaring recessions.
A recession is defined as two consecutive quarters with negative growth. However, as CNN’s Nicole Goodkind notes, “the economy isn’t broadly and officially considered to be in a recession until a relatively unknown group of eight economists says so.”
Goodkind then attempts to make this all sound sinister—like it’s a bunch of James Bond villains hiding in a secret lair plotting world domination by pointing out that these economists “serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a private nonprofit organization.”
So, what exactly is CNN’s problem? Well, it seems all but inevitable that the Biden Recession will soon be official, so to preempt this, CNN has declared this cabal of economists racist.
“There is a clear lack of racial diversity amongst the eight members, and NBER has never had a member who has been a racial minority, according to Gary Hoover, co-chair of the American Economic Association Committee on the Status of Minority Groups in the Economics Profession,” CNN explains. “All NBER members are experts in macroeconomics and business cycle research. Each is over 60 years old, and they are all associated with prestigious universities. The group includes two women, one of whom is married to another member.”
Oh, no! The horror! Clearly, recessions are racist because there are no minorities on the board! Recessions are probably transphobic, too. Better get a Muslim on the board, otherwise, recessions are Islamophobic too.
What the CNN folks and the rest of the Democrat operatives serving as opinionmakers out there don’t seem to understand is that this stuff isn’t cute anymore.
There is real suffering out there. American cities are shooting galleries. It’s becoming all but impossible to raise normal, well-adjusted kids in the septic culture our mass media is making. The 401(k) of the average American is constricting at an alarming rate as the stock market sinks like the Titanic. Prices of everything — when it’s even on store shelves — are skyrocketing. The airline industry — just like the trucking industry, the railroad industry, the shipping industry, and basically everything else regulated by Gay Mayor Pete Buttigieg’s Department of Transportation — is collapsing (while Buttigieg wages war against “racist” highways). And quality of life is at a low not seen since the 1970s.
Bitching about race given those circumstances is an excellent way to insure nobody will care about anything else you have to say. People are done.
What’s important to Americans right now? Competence. We desperately need people who can do a good job in their professions. But we have a massive shortage of that, along with virtually everything else.
Disney gives Bob Chapek, who has cut the value of that company’s stock in half, a new contract immediately after his executives’ political activism costs it $200 million a year in favorable tax treatment from the state of Florida and it released a box office fizzle in Buzz Lightyear with the stupid and useless virtue-signal of a lesbian kiss in a movie for four-year-olds. Ketanji Brown Jackson, who can’t define what a woman is because she says she’s not a biologist, is sworn in as a Supreme Court Justice. A loudmouthed idiot in the Biden administration squawks that our economic pain needs to continue so we can save the “liberal world order,” as though (1) the two are at all necessarily related and (2) anybody in America gives a damn about world orders.
Our military is getting rid of unvaccinated troops and officers while missing its recruitment targets by 60 percent and has lowered its intake standards basically to nothing. It runs recruitment ads featuring fat lesbians and puts out press releases preening about abortions in the wake of the Dobbs decision.
Meanwhile, on this Fourth of July, Americans increasingly see nothing to be proud of in their country. Who can blame us? 2021 and 2022 have been an endless string of humiliations. We’re presided over by a mental defective who belongs in assisted living, if not prison thanks to his lifetime of bribery and influence-peddling the proof of which was suppressed by a corrupt media so that he could be elected president of the country he’s been selling out for decades, and the Biden administration makes a significant policy mistake multiple times a day with negative effects on our standard and quality of living.
This can’t sustain. It won’t sustain. The breaking point is coming — and when it does, we will have first chaos, and then a new political order. A new shot at independence, if you will, to give this a bit of a Fourth of July spirit.
Be ready for it. And be cheerful — because on the other end of this there will be no more CNN claiming recessions are racist.