As the official declaration of recession nears, the White House is conveniently playing games with the definition of a “recession.” They redefined it.
This is the new White House Council of Economic Advisors 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. Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, 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.
So, as you pay ridiculously high prices for fuel and gas, just remember it’s no longer a recession. The White House is ignoring the common standard for a “holistic view.”
They just came up with that. It was only saved by the Wayback Machine one time – yesterday.
So far, it looks and feels like a recession.
On July 19, the #GDPNow model nowcast of real GDP growth in Q22022 is -1.6%. https://t.co/T7FoDdgYos #ATLFedResearch
Download our EconomyNow app or go to our website for the latest GDPNow nowcast. https://t.co/NOSwMl7Jms pic.twitter.com/Fs2Qn8xT2J
— Atlanta Fed (@AtlantaFed) July 19, 2022
Words like “racist” “white supremacist” any many others have already been changed. Even “vaccine” was recently redefined and twisted to fit their agenda . . Is anyone surprised about anything that’s hatched from the numb sculls of these lunatics?
I don’t know about that stupid definition. The majority of Americans look inside their wallets and accounts, then at high inflation prices which aren’t friendly with what they actually have on hand. Nope. THAT’s recession and not some really dumb Laughing Hyena Kamala-type and unintelligent garbled mumbled BIDENESE word salad.
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