The spin doctors, politicians and political economists are out in full force today, attempting to change the definition of recession into something more nuanced and backward-looking than what had been the accepted definition for decades. But, whatever. It hardly matters. Stagflation is here and it will be with us for the foreseeable future.
In case you missed the news, the first official guess at Q2 US GDP was released earlier this morning and it came in at -0.9%...so ole Pat in Atlanta got it right again while all of the 7-figure Wall Street con artists had an average projection...
