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.”
“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
“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
Can’t wait to hear the White House Press Secretary simultaneously blame Putin for recession… and at the same time say we have the “best economic numbers in history.”
The Biden Administration’s top economic priority appears to be changing the definition of a recession.
“Joe Biden turned a recovery into a likely recession. Redefining the word will not fix the fact that Democrats wasted $1.9 trillion, resulting in skyrocketing costs for Americans. This further underscores how out of touch Biden and Democrats are with the pain families are feeling,” O’Grady stressed.
What do you think about the White House being accused of changing the definition of a recession? Let us know what you think about this subject in the comments section below.