Free Republic

The British pound hit a record low against the dollar on Monday after UK Prime Minister Liz Truss, a fan of “trickle-down economics,” announced a sweeping spending and tax cut plan to rescue the British economy from recession on Friday. What’s happening: Investors were taken aback by the new government’s choice to institute its largest tax cut in 50 years while boosting government spending and borrowing with inflation near 40-year highs. Citibank analysts called the decision a “huge, unfunded gamble for the UK economy.” Markets dropped precipitously on the news. But Truss took a cue from former US President Ronald...

CNN attempted to fool Americans into believing the reason the U.S. economy isn’t officially considered in a recession is because eight “white economists” didn’t say so. Confusingly, CNN also wrote that if leading economists do end up declaring the U.S. to be in recession, it’s also because those economists aren’t racially sensitive. CNN senior markets reporter Nicole Goodkind published a story with an insane, racist headline that needs no explanation: “Who decides if the US is in a recession? Eight White economists you've never heard of.” What does race have to do with anything? Goodkind complained liberal economists like Moody’s...

Prominent Wall Street economists like Mark Zandi, investing luminaries like ARK Invest's Cathie Wood and executives like JP Morgan Chase CEO Jamie Dimon can make recession predictions until they're blue in the face, but their guidance will remain just that — an economic forecast. That's because, in the United States, the economy isn't broadly and officially considered to be in a recession until a relatively unknown group of eight economists says so. The economists, who serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a...