August 1, 2022
Redefining – The New Pretzel Logic of the Left
By Brian C. Joondeph
Definitions make order of our lives.
Imagine if the definitions of right and left or up and down could vary based on the whims of our leaders and their pet agendas or causes? This is especially true in science, where everything relies on a solid framework of truths and accepted terms.
Economics is one such science and has a host of definitions. One such term is “recession” and here is the definition from the appropriately named publication, The Economist:
Broadly speaking, a period of slow or negative economic GROWTH, usually accompanied by rising UNEMPLOYMENT. Economists have two more precise definitions of a recession. The first, which can be hard to prove, is when an economy is growing at less than its long-term trend rate of growth and has spare CAPACITY. The second is two consecutive quarters of falling GDP.
The International Monetary Fund has a similar definition, with some wiggle room.
There is no official definition of recession, but there is general recognition that the term refers to a period of decline in economic activity. Very short periods of decline are not considered recessions. Most commentators and analysts use, as a practical definition of recession, two consecutive quarters of decline in a country’s real (inflation-adjusted) gross domestic product (GDP) — the value of all goods and services a country produces.
more
https://www.americanthinker.com/articles/2022/08/redefining__the_new_pretzel_logic_of_the_left.html
