President Biden held a virtual press conference on Monday, telling America that the U.S. economy is NOT entering a recession: 'We’re not going to be in a recession, in my view,' he said. But here’s the thing, Joe. It’s not all about YOUR view. Glenn and Stu explain why history shows we ARE entering a recession. Plus, Glenn says there’s one reason why most Americans will never believe the lies, no matter how much our far-left leaders want to spin the facts...
Below is a rush transcript that may contain errors
GLENN: Now, Joe Biden. Speaking of lies and disinformation and misinformation. Biden held a virtual press conference on Monday. I'm not sure if that means, he was on the computer. Or he was a virtual being on a computer. Not sure. Monday, he said that in advance of the data that's scheduling to be released on Thursday, I -- I could confirm the economy is not going to go into a recession. Worried Americans should not be worried we're in a recession. Because we're not going to be in one, in my view. I love that he added, in my view. And the reason why he says, in my view, is because he says, it -- just because you have two quarters of contraction, does not make it, that you're in a recession. Well, okay. Technically, sure. Two consecutive quarters of negative growth is -- is something that they used to determine whether we are in a recession or not. And the people who decide if we're in a recession, is the National Bureau of Economic Research. They're the ones that determine, whether we're in a recession, or not. And they have a whole bunch of metrics. But the -- the two main ones, are that we've had two quarters of contraction. Now, I want to say, it isn't always like that. In the last ten recessions that we have, the G.O.P. has contracted two quarters in a row. Oh, no. So it is always like that. Huh. Okay.
STU: Just ten of the last ten, though in GDP. Yeah. Ten of the last ten. Not a big deal at all. I don't see any trend there whatsoever. It's also, by the way, the way we talk about recessions, when they're occurring. The reason why it's always been shorthand for a recession. And the reason why is because we can talk about them when they're going on. If you remember back in the 2008 financial collapse, you had what Bear Stearns, early in 2008, if I remember right. And then you had Lehman Brothers, in October of 2008. And that was, you know, when every -- when the real collapse felt like, oh, my gosh. This is really happening. September, October 2008. So even then, the government was not saying, we're in a recession. They waited until later on. And then when they said there was a recession, which I think was in December of 2008. Or January of 2009. I can't remember exactly. But when they said we're officially in a recession, they said we had been in a recession since December 2007. Before Bear Stearns. So like, it is -- it's basically a historic view, as to when a recession begins. So what the Democrats love about this approach, is they can say, well, officially, it's not the definition. Then they can wait until after the election and say, oh, by the way, we were in a recession way back there before the election. Please don't talk about it until it's official. It's a nice little scam they're trying to pull here. But every financial journalist has been talking about this. Two consecutive negative quarters of GDP, as the shorthand definition of a recession forever. And they're just trying to reverse that today.
GLENN: Here's the thing that I think people know. Four in ten adults say it's been somewhat or very difficult to cover usual household expenses. This was in a survey that was put out. That's the highest since they started asking this question in August 2020. It implies that more than 90 million families are struggling now. Up from 60 million, just a year ago. Hey. Has your life gotten better under Biden or worse? Millions of households with student loans are expected to face an additional monthly expense on September 1st, when a covid more tamer on servicing that debt ends. By the way, did you see that he is telling -- that Biden is telling the government loan offices, not to send out the -- the pay stubs, to people who just got a student loan. Don't -- don't send them out. Just hold off for a minute. Why would you do that?
STU: I don't know. Why would you do that?
GLENN: I think he's going to try to forgive all of these student loans in September.
STU: Hmm. Right before the election. Hmm.
GLENN: Right before the election. In Dallas, for example, the sheriff responded, having difficulties paying bills jumped to 49.5 percent. From 27.5 percent a year earlier. The report last week from the New York State controller. Showed that one in eight residents were behind on paying their utility bills, as of March. More than 1.2 million customers statewide owe owed 1.8 billion, with the residents of New York City and Long Island. Accounting for 68 percent of the total.
So this means that the average person is feeling a recession. So call it what you want, Joe. Everybody knows. Because we're feeling it. By the way, do you remember who Nouriel Roubini is, Stu?
STU: Yeah. The economist. Yeah. Dr. Doom, that's right.
GLENN: Dr. Doom. Yeah. He was the guy -- he was the guy -- they called him Dr. Doom, because he was the only other guy, that was calling for the 2008 collapse. I had been calling for it for about two years. And I think he jumped on the bandwagon. That Christmas is the first time I saw him talk about it. Was the Christmas of '07. As it is leading up. And I'm like, oh, finally, somebody else is saying it. He says, we're not going to have a recession. He says, a recession being shallow is a pipe dream. He said, the economy is headed for a severe recession, as well as a severe debt and financial crisis. He said, debt ratios are historically high at 420 percent for advanced economies and climbing, while bailouts during the pandemic have resulted in zombie corporations, that put the economy at risk. He says, the idea that this is going to be short and shallow, is total delusion. We also have the extra added benefit of trailer parks, being bought up all over the country. Trailer parks are being purchased by big Wall Street fat cats. I swear to you, these people have no idea. They have no ideas what they're in for. So the -- these corporate investors, private equity firms, and firms like BlackRock, real estate investment trust. They've gone out and purchased mobile home parks. And they're raising the rents on the tenets. Most of these people are elderly, disabled, low fixed income. Out of state purchases in Minnesota, almost doubled between 2015 and 2021. Forty-six percent of the state's mobile home parks purchased by an out-of-state company in 2015. And 81 percent of them, purchased from out-of-state people, 2021. The rents at these parks, went up by as much as 30 percent, at the same time. The state AG says, the complaints of mobile home parks has gone up 100 fold. One hundred fold. These people, they don't know what's -- they don't know -- they have no idea how American actually feel about their country, and about Wall Street. And big banks. They have no idea. Gods bless them. Hopefully, they will wake up soon.