“Here we go again with the definition of recession being rewritten.”
The White House sent Treasury Secretary Janet Yellen on the Sunday shows to put that information into the universe. A post on the White House blog explains how a recession is determined and how jobs, which are not part of the official data ever used to determine a recession, must account for something.
One Cow Guy Close producer, Ashlee Pitzl, hinted that if things worsened or did not go the government’s way, they would just change the definition.
“What really strikes me is that getting in a tussle over the proper definition of a recession can only make things worse. It throws the spotlight on a subject that they’re trying to run from. You may be able to fool some of the electorate with a sleight of hand definition change, but you surely can’t change how much money Americans have at their disposal, and you absolutely can’t change how they feel,” Scott Shellady notes. “We are witnessing an all-out assault on our fossil fuels, our food, and our bank accounts. We are going to be tired, poor, and hungry when this is all over.”
Shellady spoke with Rebecca Walser, the President of Walser Wealth Management, on the changing definition, global economic headlines, fossil fuel concerns, the growing population, and what consumers should do moving forward.
Related:
Scott Shellady predicts a big week for the economy
Global recession fears amplify as commodity prices fall
Weekly jobs numbers exceeded expectations, but what does this mean with a looming recession?
Consumer Price Index jumps higher than expected; instills fear of looming recession
