Since even before the Q2 GDP number printed negative for a second quarter in a row, the Biden administration has been trying to spin the news as "not a recession." That paragon of Keynesianism and midwittery (but I repeat myself), Paul Krugman, has helpfully waded in to point out there is some arbitrary definition of recession which requires more than two consecutive quarters of negative GDP growth.

 

Correct me if I'm wrong, but this rather misses the forest for the trees, doesn't it? The forest being that the economy as a whole is producing less goods and services despite the population constantly growing. 

 

The Biden administration pointing to a "strong jobs market" shows just how economically idiotic it is. Creating jobs that don't produce anything does not make us wealthier.

 

That's not to imply the Biden administration is unique in this respect. Every president in my lifetime has tried to take credit for "creating jobs," even though creating jobs is not an end in itself. 

 

The whole idea of running a profitable business is to produce as much as possible with as few jobs (and other costs) as possible. So, there's that.

 

I walk through all the fallacies and their origins in today's episode of Tom Mullen Talks Freedom.

 

There are some especially good links on the show notes page. I recommend reading Keynes' General Theory... so you know firsthand just how silly his whole school of economic thought really is. But I provide two very good antidotes as well. 

 

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