BIDEN TRIES TO REDEFINE RECESSION
Written by Peter Boykin on July 27, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
BIDEN TRIES TO REDEFINE ‘RECESSION’
The United States will find out if we are officially in a recession when the Department of Commerce releases the second quarter GDP numbers. But the Joe Biden regime is literally trying to change the definition of a recession.
A recession is traditionally defined as two consecutive quarters of negative GDP growth.
Q1: GDP declined by 1.6%.
Q2: The Atlanta Fed is predicting another decrease of 1.6
…so if the Atlanta Fed is right, we will be in a recession.
Biden changes the definition of a recession:
The White House put out a ‘blog’, where it claimed:
“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.”
“…it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession.”
Joe Biden then told reporters: “We’re not going to be in a recession.”
…this is propaganda. Maybe Biden is using the same economists who one year ago said inflation wasn’t going to happen.
Big picture: The former head of Trump’s National Economic Council, Gary Cohen put it well:
“As president, you are always trying to be optimistic about the economy today and tomorrow. But you risk looking out of touch with voters that are suffering today and who are very concerned about the economic reality of tomorrow.”
[Source: Axios]
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