After people have accused bureaucrats and government agencies of changing definitions during the last few years, Joe Biden’s administration now claims that a second consecutive quarter of negative gross domestic product (GDP) does not indicate the U.S. is in a recession. This is despite the fact that two negative GDPs have always been considered a recession in the eyes of economists worldwide for years. Furthermore, U.S. treasury secretary Janet Yellen now insists that two declining GDPs is “not the technical definition.”
White House Claims Two Consecutive Quarters of Falling GDP Does Not Constitute a Recession
This week market analysts, news outlets, and economists are accusing the White House of “Soviet-level propaganda” after the Biden administration redefined the technical definition of a recession. On July 21, 2022, the Biden administration published a blog post called “How do economists determine whether the economy is in a recession?”
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the White House report says.
It’s not a recession until the White House gives economists on its payroll permission to declare it a recession
— zerohedge (@zerohedge) July 25, 2022
Furthermore, a few days later, the White House published another blog post that says U.S. treasury secretary Janet Yellen also claims that two declining GDPs in a row is not the correct definition. Yellen appeared on NBC’s “Meet the Press” with Chuck Todd and when he asked: “If the technical definition is two-quarters of contraction, you’re saying that’s not a recession?”
“That’s not the technical definition,” Yellen replied. “There is an organization called the National Bureau of Economic Research that looks at a broad range of data in deciding whether or not there is a recession. And most of the data that they look at right now continues to be strong. I would be amazed if they would declare this period to be a recession, even if it happens to have two-quarters of negative growth. We have a very strong labor market. when you are creating almost 400,000 jobs a month, that is not a recession.”
Good morning to everybody except the White House for attempting to gaslight us about being in a recession
— Ashley St. Clair (@stclairashley) July 25, 2022
Yellen and the Biden administration’s…
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