The trial balloon of changing the definition of 'recession' didn't fly, so today the NYT is instead claiming that the recession will be global -- and thus beyond the control of the leader of any one country. Today's morning newsletter began with a note that inflation is worse in the Eurozone than in the US. It helpfully pointed out that this means that it can't be Biden's fault, noting that the causes of the inflation differ there: it's more about the war in Russia and Ukraine, and less about massive deficit spending by a profligate government.
I take the shift from 'this is transient' to 'this is global' to mean that rough weather is definitely coming, and expected to stay a while.
1 comment:
As Sarah Hoyt said, it's a recession only if it's from the Recession region of France; otherwise it's just sparkling misery.
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