The U.S. economy contracted more than expected in the first quarter. This raises fears of a recession. Most Americans believe that we are already in recession. They are probably correct. Two consecutive quarters of negative growth is considered a recession. CNN’s Nicole Goodkind points out that the economy isn’t officially and broadly considered to be in recession until eight economists, who are relatively unknown, declare it so.
Goodkind attempts to make it all seem sinister, like a bunch of James Bond villains plotting world dominance. He points out that these economists are “served together as the Business Cycle Dating Committee”, and are hand-selected by the National Bureau of Economic Research(NBER), which is a private non-profit organization.
What is CNN’s problem exactly? It seems almost certain that the Biden recession will soon become official. CNN has therefore declared this group of economists racist.
CNN reports that there is “a clear lack of diversity among the eight members” and that NBER has never had any member who was a racial minority, as Gary Hoover, co-chair of the American Economic Association Committee for the Status of Minority Groups within the Economics Profession, explains. All NBER members have a solid understanding of macroeconomics as well as business cycle research. They are all over 60 years old and have been associated with top universities. Two women are included in the group, one of which is married to another.
Oh, no! Oh, the horror! Receipts are clearly racist, as there are no minorities on the board. Receptionists may also be a result of recessions. It is better to have a Muslim member on the board than be Islamophobic.
This is another example of the bizarre priorities of the left. Biden has helped the economy tank, and CNN’s main concern is that CNN doesn’t have enough economists. We have all learned that diversity is not always a good thing. Joe Biden is a proud advocate for diversity in his administration… How well has it worked?