- Recently, the US economy witnessed a second consecutive negative growth rate. This is literally the definition of recession.
- Wikipedia also contained the same definition, but Biden’s Internet army started to tinker with the definition and then conservatives jumped in.
- It is a nightmare as words are being used to twist people’s perceptions of reality. Now, US’ credibility as global hegemon is also under the scanner.
Often social scientists are accused of leaving a particular definition open-ended. The words are for everyone under the sun to interpret. Word “love” is the biggest example of it. Wikipedia is now down to re-define another technical jargon to save Joe Biden’s political ship.
Wikipedia changes definition of recession
Wikipedia, often claimed as “largest encyclopaedia of the world” has trouble tinkering with the term recession. According to a report by the Fortune, within a week, Wikipedia has defined recession in 180 ways. Apparently, the war between already established definition of the term and the recurrent need of Biden administration is fuelling the fire.
America’s official GDP data is in coherence with established definition of recession, which is GDP contracting in two consecutive quarters of a financial year. But, Biden is not ready to accept that there is a recession in America. Here is a quote direct from Biden’s teleprompter, “we have a record job market of record unemployment of 3.6% today and the Inflation Reduction Act will add another $370 billion in clean energy tax credits in reconciliation, including incentives to accelerate domestic production of solar panels, wind turbines, batteries and critical materials processing. That doesn’t sound like a recession to me”
THAT DOES NOT SOUND RECESSION TO ME. This is what happens when you vote on feeling rather than electing a competent individual for the job. Every bit of Biden’s data is an attempt to cover up the crisis.
Reason for tanking of US economy
Low unemployment numbers do reflect a thriving economy, but in America’s case it does not. During Covid-19 times, small businesses were facing troubles due to lockdown. Both business owners as well as their employees were dependent on welfare payment by the Biden administration. For this purpose, Biden administration went on excessive Dollar printing.
Just like every freebie, it felt good for the short term. However, as soon as people realised that they are getting more for not doing job rather than doing it, they refused to rejoin the workforce, until few months ago. On the other hand, excess of Dollars in the economy led to inflation. In other words, though people had excess Dollars, they could no longer afford to buy the same quantity of products they used to buy earlier, say five month ago. 9.1 per cent inflation is too high and it crashed the value of Dollar in local markets.
What is astounding is that Biden administration was able to galvanise 17 Nobel Prize winner economists for supporting its $3.5 trillion spending. Last September, they literally said that excess money printing would not cause any long-term inflationary pressure on the economy. Nearly 11 months later, the data refutes their claims. One would wonder why these 17 “esteemed individuals” who refute the basic concept of supply and demand were awarded with Noble Prize.
Never mind, reality can’t be changed. In first quarter of 2022, US economy lost 1.6 per cent of its GDP, while in second quarter it lost 0.9 per cent more. After all, why would factory produce much if their workers are paid more for not-producing. To save its face, Biden deployed his media mob for changing the definition. His Press Secretary gave a new definition of the term. Similarly, Brian Deese, the economic adviser of White House started to state that US economy is not in recession. The lie was then peddled by Biden friendly TV channels like CNN as well.
United States’ dominion may be a big lie
No wonder, people rushed in to change the definition in Wikipedia. Wikipedia’s left-leaning is now a documented phenomenon, which is ironically also available on Wikipedia to read about. Wikipedia has now blocked editing the page by others.
It is expected that the new definition will be peddled to the countries all around the world, only to save the face of USA. Now you know most of US’ achievements before the Internet era are lies.
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