Just One Thing
I heard multiple cable TV hosts yesterday including Leland Vittert (NewsNation) and Tucker Carlson and Sean Hannity of Fox News claim that the Biden administration redefined "recession" in an effort to claim that we're not in one, or that we won't be found to be in one if the upcoming GDP report shows the second consecutive decline in GDP.
So here's how I see it: Colloquially, these folks are right that recession is often talked about this way...namely two quarters in a row of falling GDP. And that's how it will be talked about in the news.
But to the extent that there is an “official” organization that determines whether we are/were in a recession, it’s the National Bureau of Economic Research (NBER) and their definition is NOT two consecutive quarters of declining GDP. Yes, the latter is the popular/colloquial definition, even definition in some dictionaries, but "officially" the Biden administration’s statement was correct.
Business Cycle Dating Procedure: Frequently Asked Questions | NBER
I also think that politically, none of that matters. What matters if how people feel and based on things like the University of Michigan Consumer Confidence Index, Americans feel bad and uncertain right now (economically speaking.)
Today's Guests
Diana Furchtgott-Roth has a long and distinguished career as an economist serving the private sector and the federal government including having served as the Chief Economist of the U.S. Department of Labor and Chief of Staff of the President’s Council of Economic Advisers.
We're going to talk about the current state of the economy and inflation with a particular emphasis on the impacts on business (since the impact on consumers understandably gets so much airtime every other day.)
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Dr. Oswaldo Grenardo is Senior Vice President and Chief Diversity & Inclusion Officer for Centura Health. Among other things we'll talk about Centura's distribution of $5 million in grants through its Health Equity and Advancement Fund. I'm also happy to note that new Broncos quarterback Russell Wilson and his wife Ciara, through their Why Not You Foundation, have announced a partnership with Centura's fund to include "meaningful investments in non-profits that share Russell and Ciara’s, and Centura’s, passions for health equity, education, food security, social justice, support for children and youth, and more."
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Major Scott Huesing USMC (Ret) is the author of the tremendous book "Echo in Ramadi" and founder of Save The Brave. As part of his mission to prevent veteran suicide, he's raising money and awareness by his Ride for the Brave, across the country on his Harley.
Other Stuff
I'm sometimes critical of Rocky Mountain Gun Owners (RMGO) for a lot of their political shenanigans but when they stick to their mission they can do some good work that I really appreciate. Such is the case in their lawsuits against new gun restrictions in Colorado and they got at least a temporary victory yesterday in Superior: Judge temporarily blocks Colorado town's gun control rules (coloradosun.com)
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This is a very dangerous game: Russia to cut gas through Nord Stream 1 to 20% of capacity | AP News
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I'm not the first to say it, but Alex Jones will burn in hell: Sandy Hook Parents to Testify Against Alex Jones, and a Culture of Lies - The New York Times (nytimes.com)
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Sorry, but this isn’t OK: TABOR refund: How much your refund will grow (or shrink) (denverpost.com)
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And neither is this: Colorado solar owners feel stiffed by Xcel rates for their energy (coloradosun.com)
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Sorry, but I like ketchup: https://www.nytimes.com/2022/07/21/dining/chicago-hot-dog.html
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China is in BIG trouble. One wonders whether dictator Xi Jinping, who must know all this, is becoming even more aggressive because of a perceived need to maximize control over other parts of the world while China has its maximum economic leverage...a moment that has probably already passed.
China's population to start to shrink before 2025: Global Times - Nikkei Asia
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So many things that folks apologize for these days are not things that should be apologized for, but this surely is. And it's just the beginning of what the Catholic Church will have to do to even begin to make it right: Pope apologizes for 'catastrophic' school policy in Canada | AP News
Today's Video
Because why not: Russell Wilson's pop star wife Ciara just released a new music video entitled "Jump" in which she and her dancers start off wearing cheerleader costumes conspicuously in Denver Broncos colors.