OPINION: Is the economy in a recession? Will the inflation rate ever come down? Will you lose your job? Is it Joe Biden’s fault? The answers are: Not yet, not right away, hopefully not, and not really.
We’re already hearing a lot of loose talk about the economy this week, with the Federal Reserve scheduled to raise interest rates again on Wednesday to fight inflation and the government possibly sending a false alarm on Thursday about the economy falling into a recession.
Two negative quarters aren’t sufficient to call a recession, especially if monthly data such as employment are growing robustly. The Democrats are completely correct on the economics when they say that the economy is not currently in a recession, but they are completely wrong on the politics. The Democrats sound like they don’t understand how people are suffering now under high inflation and are anxious about their future.Instead, it seems like the White House is trying to get off on a technicality.
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