RECESSION + STAGFLATION: Is This Something? Tax Receipts Down.

Down means there is less economic activity. Down means less money is being made. You can see in other points on the graph, “down” led to a recession.

We had a recession early in Joe Biden’s term though the press and radically normative economists deny it. A couple of negative quarters of GDP growth is a recession. We have rebounded, but it would not surprise me to see us slip into another one. Of course, you always see it in the rearview mirror since data takes time to get compiled and reported but there are signs.

Tax receipts are one sign. The recent JOLTS number was another. Chicago PMI was another.

The White House informs me that this is all misinformation and that everything is fine.

Flashback: Stagflation is staring Biden in the face — but he refuses to change course.