Economy
Senior Economist ‘Fact Checked’ By Facebook For Saying U.S. Is In Recession
“We live in an Orwellian hell-scape.”
Published
3 weeks agoon
Steve Watson

An experienced economist has been ‘fact checked’ and corrected by Facebook after he stated that the U.S. is now in a recession.
Phil Magness, a researcher and educator with the American Institute for Economic Research, reacted to the incident by commenting “We live in an Orwellian hell-scape.”
Facebook uses ‘independent’ fact checkers at Politifact, a brazenly partisan operation, which ‘corrected’ Magness’ post about the Biden administration attempting to change the definition of a recession.
We live in an Orwellian hell-scape. Facebook is now "fact checking" anyone who questions the White House's word-games about the definition of a recession. pic.twitter.com/pHGPWrxRpD
— Phil Magness (@PhilWMagness) July 28, 2022
Magness provided examples of previous statements by Biden himself about being in a recession that were never fact checked:
Or the time Biden declared we were in a recession in September 2020? No fact-check there either. pic.twitter.com/a4covaK6dO
— Phil Magness (@PhilWMagness) July 28, 2022
Can somebody show me the NBER determination that said we were in a recession in October 2020? Asking for a friend… https://t.co/X55NPvl5Pq
— Phil Magness (@PhilWMagness) July 28, 2022
The entire media "fact checking" industry is an exercise in politically motivated fraud. pic.twitter.com/FjrKZe3iFi
— Phil Magness (@PhilWMagness) July 29, 2022
The economist also noted that practically every other country defines a recession as two consecutive quarters of negative growth:
Here is the UK Treasury's published definition.https://t.co/56YII2SEr8 pic.twitter.com/FSov5kEDkP
— Phil Magness (@PhilWMagness) July 31, 2022
New York Times, glossary of economic terms, December 31, 1978:https://t.co/j25Pd775jU pic.twitter.com/ls4jouKcp2
— Phil Magness (@PhilWMagness) July 31, 2022
Australia:https://t.co/kTCcuLaHSf pic.twitter.com/YhpJAE73qp
— Phil Magness (@PhilWMagness) July 31, 2022
Biden and his underlings have engaged in gaslighting on the definition of recession throughout the past week, and it has continued into this week:
Sperling says that two negative quarters is not an "accurate definition" of a recession
— Zach Parkinson (@AZachParkinson) July 29, 2022
Which is funny, because in a 2001 paper he co-authored with future Obama OMB Director Peter Orszag, he said that's exactly what the informal definition was https://t.co/gofBa01i9k pic.twitter.com/WDl887ng1p
Biden economic advisor Brian Deese on the Biden recession: “We’re clearly moving through a transition” pic.twitter.com/1F2Ls1yK67
— RNC Research (@RNCResearch) July 29, 2022
Biden official Samantha Power: There is "a feeling that there will be winners and there will be people left behind" in the green energy "transition."
— RNC Research (@RNCResearch) July 29, 2022
"We have to find a way to transition people who are making their livelihoods…in the coal industry to actually find jobs." pic.twitter.com/GsorN2E5HU
Nancy Pelosi on Democrats' new tax hike legislation:
— RNC Research (@RNCResearch) July 29, 2022
"Transformational. We've never spent this much money." pic.twitter.com/qS56jlF3QX
REPORTER: “When can Americans expect that [economic] transition to be over?”
— RNC Research (@RNCResearch) July 29, 2022
KARINE JEAN-PIERRE: "It’s happening currently right now. That is what we’re stepping into.” pic.twitter.com/ABuScN67YB
BIDEN ADVISOR JARED BERNSTEIN: “No one ever said inflation wasn’t really happening”
— RNC Research (@RNCResearch) July 29, 2022
REPORTER: “You said it was ‘transitory.’”
BERNSTEIN: “Exactly…We talked about the fact that the [$1.9 trillion stimulus] was going bring a little more heat.” pic.twitter.com/iEaDDxvbOf
— RNC Research (@RNCResearch) July 30, 2022
Meanwhile, on Brian Stelter’s clown show Sunday, New York Times columnist and ‘economist’ Paul Krugman replied “No, we aren’t and no, it doesn’t,” when asked “Are we in a recession and does the term matter?”
Krugman said “None of the usual criteria that real experts use says that we’re in a recession right now,” which is blatantly not true.
“What does matter?” Krugman further stated, adding “The state of the economy is what it is. Jobs are abundant.”
As for Krugman’s repetition of the Biden talking point about jobs…
🚨 🚨 🚨
— Yossi Gestetner (@YossiGestetner) July 28, 2022
152.5 million people were employed right before the Lockdowns.
151.9 million were employed last month.
If adding no net news jobs in more than two years is not a recession, then I don't know what is.
I actually do know: 6 months of negative GDP/economic activity. pic.twitter.com/MYw9gHInfJ
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Economy
Electric Vehicles Just Went UP In Price
Makes Democrats’ $7500 tax credit for EV buyers even more pointless
Published
2 days agoon
18 August, 2022Steve Watson

Electric car manufacturers have hiked their prices pretty much across the board, effectively completely cancelling out government tax credit incentives signed into law by Democrats this week.
Under the ‘Inflation Reduction Act’, which economic experts say will not reduce inflation, anyone buying a new EV with a battery that was built in North America is eligible for a $7500 credit.
That already discounts most EVs.
Less than a third are eligible
As for the rest, well they’ve gone up in price by thousands of dollars.
General Motors has hiked the cost of an electric Hummer by $6,250 and Ford has “updated” the cost of its EVs by $6,000 to $8,500.
So much for the green transition.
As we have repeatedly highlighted, EVs cost on average $67 thousand dollars and are already completely unaffordable to most Americans.
That hasn’t stopped Biden energy minions touting them as a solution to high gas prices:
The $7,500 credit was definitely a nice bonus when purchasing my $117,000 EV.
— Tim (@BroncosFanMN) August 4, 2022
Biden Energy Secretary Jennifer Granholm insists high gas prices are "a very compelling case” to buy an electric vehicle. pic.twitter.com/pMpLIoXBKR
— RNC Research (@RNCResearch) June 14, 2022
Sen. Debbie Stabenow (D-MI):
— Greg Price (@greg_price11) June 7, 2022
“On the issue of gas prices, I drove my electric vehicle from Michigan to here last weekend and went by every gas station and it didn’t matter how high it was.”
pic.twitter.com/VWSd9BJ3kk
Biden: *Drives a Corvette*
— MRCTV (@mrctv) March 11, 2022
Also Biden: Buy electric vehicles! pic.twitter.com/WufzueiP88
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Economy
Joe Biden’s Inflation Reduction Act “Secretly” Brought To You By Bill Gates
Published
2 days agoon
18 August, 2022Zero Hedge

The Democrats’ “Inflation Reduction Act” – which according to the Congressional Budget Office will raise taxes on the middle class to the tune of $20 billion – not to mention unleash an army of IRS agents on working class Americans over the next decade, was made possible by Bill Gates and (in smaller part) Larry Summers, who have been known to hang out together.
The bill, of course, was signed yesterday.
This is what dementia looks like: pic.twitter.com/e9fof5l4RS
— End Wokeness (@EndWokeness) August 16, 2022
In a Tuesday Bloomberg article that reads more like a newsletter for the Gates fan club, the billionaire Microsoft co-founder recalls how earlier this year, as moderate Democratic Senators Joe Manchin and Kyrsten Sinema continued to block the tax-and-spend legislation over concerns that it would raise taxes on the middle class (it will), Gates says he tapped into a relationship with Manchin that he’d been cultivating since at least 2019.
Gates was banking on more than just his trademark optimism about addressing climate change and other seemingly intractable problems that have been his focus since stepping down as Microsoft’s chief executive two decades ago. As he revealed to Bloomberg Green, he has quietly lobbied Manchin and other senators, starting before President Joe Biden had won the White House, in anticipation of a rare moment in which heavy federal spending might be secured for the clean-energy transition.
Those discussions gave him reason to believe the senator from West Virginia would come through for the climate — and he was willing to continue pressing the case himself until the very end. “The last month people felt like, OK, we tried, we’re done, it failed,” Gates said. “I believed it was a unique opportunity.” So he tapped into a relationship with Manchin that he’d cultivated for at least three years. “We were able to talk even at a time when he felt people weren’t listening.” -Bloomberg
We know, gag us with a spoon.
Apparently Gates and Manchin’s bromance began when the billionaire wooed the West Virgina Senator at a 2019 meal in Seattle, in an effort to garner support for clean-energy policy. Manchin at the time was the senior-most Democrat on the energy committee.
“My dialogue with Joe has been going on for quite a while,” said Gates.
After Manchin walked (again) on the bill last December over concerns that it would exacerbate the national debt, inflation, the pandemic, and amid geopolitical uncertainty with Russia, Gates jumped into action. A few weeks later, he met with Manchin and his wife, Gayle Conelly Manchin, at a DC restaurant, where they talked about what West Virginia needed. Manchin understandably wanted to preserve jobs at the center of the US coal industry, while Gates suggested that coal plant workers could simply swap over to nuclear plants – such as those from Gates’ TerraPower.
Manchin apparently wasn’t convinced, announcing on Feb. 1 that “Build Back Better” (the Inflation Reduction Act’s previous iteration) was “dead.”
In an effort to convince him otherwise, Democrats pulled together a cadre of economists and other Manchin influencers – including former Treasury Secretary Lawrence Summers, who convinced Manchin that the bill wouldn’t raise taxes on the middle class, or add to the deficit.
Collin O’Mara, chief executive officer of the National Wildlife Federation, recruited economists to assuage Manchin’s concerns — including representatives from the University of Chicago and the Wharton School of the University of Pennsylvania. Senator Chris Coons of Delaware brought in a heavyweight: former Treasury Secretary Lawrence Summers, who has spent decades advising Democrats.
The economists were able to “send this signal that [the bill’s] going to help with the deficit,” O’Mara said. “It’s going to be slightly deflationary and it’s going to spur growth and investment in all these areas.” Through this subtle alchemy, clean-energy investments could be reframed for Manchin as a hedge against future spikes in oil and gas prices and a way to potentially export more energy to Europe. -Bloomberg
Gates also sprang into action again on July 7, when Manchin was spotted at the Sun Valley media conference in Idaho – which Gates also attended.
“We had a talk about what was missing, what needed to be done,” Gates said. “And then after that it was a lot of phone calls.”
Gates looks back at the new law with satisfaction. He achieved what he set out to do. “I will say that it’s one of the happier moments of my climate work,” Gates said. “I have two things that excite me about climate work. One is when policy gets done well, and this is by far the biggest moment like that.” His other pleasure comes from interviewing people at climate and clean-tech startups: “I hear about this amazing new way to make steel, cement and chemicals.” -Bloomberg
“I don’t want to take credit for what went on,” says Gates – in the article about how he gets credit for what went on.
This post was originally published at Zero HedgeEconomy
Video: Americans Are Fleeing To MEXICO To Avoid Biden’s Titanic Economy
Average rent prices are up 25% from March 2020
Published
3 days agoon
17 August, 2022Steve Watson

Joe Biden’s economy is sinking so fast that over five million Americans have gone to Mexico, according to a report.
It’s a CNN report, but it doesn’t seem to be completely fake news this time, as it cites State Department figures.
A million more Americans flew to Mexico in the first five months of this year than they did at that point during 2019 (pre-pandemic).
“A refuge for migrants,” the ridiculous CNN voice over states, adding “perhaps not the border crossing you expected.”
Nevertheless, it’s an interesting watch:
CNN also noted this week that average rent prices are “up 25% from March 2020”.
A majority of 62 percent of renters are worried about being able to pay:
Food prices are up 13.1%, and 48% of Americans according to a YouGov poll say inflation is “eroding their livelihoods”:
Don’t worry though, because Biden signed the ‘inflation reduction act‘ this week.
And remember, the U.S. definitely isn’t in a recession because that has been redefined.
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