Breitbart’s John Carney reads into the Federal Reserve’s “Summary of Economic Projections” its anticipation of a coming contraction.
Given the healthy growth likely experienced in the first quarter, a prediction of .4 percent growth for 2023 likely means, according to Carney, gross domestic product recedes at some point this year.
Note that the economy shrank for two straight quarters last year. Everybody used to regard two consecutive quarters of a shrinking economy as a recession.
In recent years, the press has deferred to a council of economic elders of sorts, comprised entirely or almost entirely by liberals, which meets in secret in Cambridge, Massachusetts, to declare, often long after the fact when a Democrat occupies the Oval Office and quite quickly when a Republican does, the existence of a recession.
One wonders why a handful of economists do not also vote on whether inflation currently exists if the system of a few academics voting on the existence of recessions works so well. One of the delusions of our age involves science and math people quantifying things that do not lend themselves to it.
This seems that rare opposite problem. One rightly quantifies matters involving numbers, right?
Well, here, the nerds transform a rather objective process into a subjective one. The motivation for this seems brazenly political. The partisan track record of this “recession” committee buttresses this notion.
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