Biden’s Economic Delusions And Deceptions Snub Struggling Families

You know the Biden administration realizes the political soup it finds itself in when White House officials try to discount a report a week before its release. A blog post by the Council of Economic Advisers published last Thursday attempted to do just that.

This Thursday, the federal Bureau of Economic Analysis will release its advance estimate of second-quarter gross domestic product (GDP) for the quarter that ended June 30. With previously released data showing that GDP shrank by 1.6 percent in the first quarter, and many projections estimating negative growth in the second as well, the report could confirm two straight quarters of negative economic growth—the technical definition of a recession.

The White House wants to minimize these data points as a mere distraction. But the way in which they would ignore the suffering faced by millions of American families demonstrates an administration out of touch with the middle-class Biden claims to represent.

The White House blog post tried to rebut the notion that two-quarters of negative growth constitutes a recession, calling that metric “neither the official definition nor the way economists evaluate the state of the business cycle.” The administration instead claimed that assessments of the economy should take “a holistic look at the data,” and that, due to “one of the strongest labor markets on record and an elevated stock of household savings,” the economy likely continues to grow.

White House economists can discuss “the state of the business cycle” all they want, but how do families evaluate such claims? Most families would logically rate the economy based on the state of their own personal finances. And on that front, American households have spent the past year getting kicked in the teeth.

[link to thefederalist.com (secure)]