Biden Opts to Redefine ‘Recession’ Rather Than Beat It
Apparently it’s not a recession unless Biden cronies say it is.
by Daniel J. Flynn
July 28, 2022, 11:30 PM
TWIL: What everybody thought constituted a recession no longer does.
The Bureau of Economic Analysis announced that gross domestic product (GDP) fell by 0.9 percent in the second quarter. This follows a 1.6 percent contraction in the first quarter.
Recession, right?
Well, heretofore two consecutive quarters of a shrinking economy meant recession. But our betters in the Biden administration gaslight enlighten us into seeing not the downturn before our eyes but an apparition of expanding economies past. Redefining recessions matters when they occur on the watch of Democrats at the levers of power who soon will face an angry electorate.
Since the Biden administration could teach a masterclass in spin but would fail Economics 101, the White House expends considerable energy on solving this terrible problem, this terrible problem of recalcitrants stuck on the idea that an economy in recession, well, recedes.
Whoever imagined that recession meant receding GDP never talked to National Economic Council Director Brian Deese. The Chip Diller of the Biden administration told CNN on Sunday that “in terms of the technical definition” two straight quarters of a contracting GDP actually is “not a recession.” He informed, “[The] technical definition considers a much broader spectrum of data points.”
more
https://spectator.org/biden-redefine-recession-rather-than-beat-it/
