Stagflation by Any Other Name

It is almost comical how much work the Biden administration is putting into denying that the U.S. economy has entered a recession.

Here is what is not in dispute:

One, real GDP is contracting and appears to have been for half a year now. Two consecutive quarters of GDP contraction is the commonly accepted definition of a recession when there is a Republican incumbent facing reelection; when Democrats are in danger of a midterm wipeout, “recession” becomes a term of art. The Biden administration has really been trying to work the National Bureau...