“Take some time to relax and enjoy this summer weekend. Because there is a Category 5 storm of economic news headed for our shores next week that will (hopefully) help clear up a muddled picture of America’s direction and almost certainly set competing political narratives for the stretch run of the midterm election campaign.”
If anybody still has a muddled picture of America’s direction, it’s only Politico. For the rest of the country, the direction is very clear: according to the recent Monmouth University Poll, 88% of us think US is heading down the cliff fast.
But let’s get back to the ever-confused Politico:
“Let’s just start with the checklist of everything we will learn. Because it’s a lot. Consumer confidence numbers (which currently stink) hit on Tuesday. A Federal Reserve meeting and decision on interest rates, coupled with a press conference from Fed Chair Jerome Powell, follows up on Wednesday.
The first reading on second quarter economic growth drops on Thursday. And the latest numbers on our vexing run of historically high consumer price inflation close out the monster run of data on Friday. In a note to clients today, analysts at Deutsche Bank suggested the flood of information will leave you breathless.
What matters now, both politically and economically, is the direction things are headed. Are we tipping toward a significant and painful recession?”
Good question, Politico. Let’s ask Janet Yellen – a person who did not “fully understand” inflation last year, but now claims she really, really does:
According to Ms. Yellen, the inflation that she claimed just last year was “transitory” is now “necessary and appropriate.”
What is puzzling is that even though she, by her own admission, “was wrong then about the path that inflation would take,” Chuck Todd continues to ask her for economic predictions. But then again, Chuck still thinks Fauci is an expert on Covid. People who are so incompetent they can never get a job in the private sector are getting paid millions for screwing up your life.
However, Ms. Yellen continues to reassure the country that even though her predictions completely missed the mark last year, right now is when you should really trust her:
“Consumer spending remains solid, it’s continuing to grow, industrial output is growing, credit quality remains very strong, household balance sheets are generally in good.”
Biden’s administration is like a drunk bum who follows a random path that leads to nowhere, and cannot see an obstacle until it runs head first into it. Just last year, Biden claimed that inflation was “a great asset” that will lead us all to prosperity. When inflation got out of hand, Biden claimed that the economy was still great because stock market was very strong. When the horrible economic outlook crashed the stock market, Joe claimed that his economic policies were still great because he kept everybody employed. But the jobs are only the last domino to fall – which, shockingly, did not go unnoticed by Chuck Todd:
“We’ve seen some contraction of business activity. Throw in the [growing] weekly unemployment number there. Isn’t that the first sign of the coming recession?”
But if you are worrying about losing your job, don’t fret – Ms. Yellen is “closely watching:”
“A common definition of recession is two negative quarters of GDP growth, or at least that’s something that’s been true in past recessions. When we have seen that, there has usually been a recession. And many economists expect second-quarter GDP to be negative. First-quarter GDP was negative. So we could see that happen, and that will be closely watched.”
One thing you can say for this administration is that they are really trying. The Secretary of Transportation is “very concerned” about the epidemic of flight cancellations. Brain-Dead Biden “is doing everything he can” to lower gas prices. And Janet Yellen is “closely watching” inflation. I think a participation trophy is in order.
But at least, next week promises to be a lot of fun for Chuck Todd:
“There is a ton of data coming out this week; it’s probably a fun week for an economist because we are going to have consumer confidence survey, inflation numbers for June.”
Next week’s numbers will likely mean more sad news for most Americans. The dismal economy that continues to decline makes many postpone retirement; families have trouble making ends meet, and many things are in short supply. However, Chuck is going to have a time of his life next week discussing all of the trouble the people who are unfortunate enough to have an actual job are having.
We are in good hands here, folks. Things are looking up when a chief White House economic adviser has more trouble getting out her words than a middle schooler who forgot to study for his lesson.
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Author: Tatyana Larina
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