An inverted yield curve does not have to mean that recession/deflation/depression is near at hand.  It hints at those possibilities without portending the depths, or even if such is going to occur in the near term.

The accepted proof of a trend reversal is two successive quarters of negative growth in Gross National Income (renamed from Gross National Product, renamed from Gross Domestic Product).  Our next report on GNI should come in October, and the one after that in January.  Therefore it will not officially be known whether or not a recession has begun until early next year*.  In the meantime, the only part of the economy showing signs of distress is the stock market - long overdue for a correction anyway.   Additionally, most people will not begin to feel the effects of a recession, should we have one, until several months after it is evident.  That will take us past the election, so any politically-motivated fear-mongering now is likely to be ineffectual, in my opinion.  But the idea is worth selling if you think anyone is going to buy it.  

* If we don't have a negative report on the economy this October, the timelines for a possible recession (or worse) gets extended, increasing the likelihood that forecasters will be embarrassed going to the election.