Quick! Look up the definition of recession. It’s about to change under Joe Biden. Definitions change.
Isn’t that what you would expect?
The U.S. Gross Domestic Product shrank 1.6% in the first quarter, and the Atlanta Fed expects it to fall another 2.1%t in the second quarter. It has been the definition of a recession that two quarters of negative growth constitutes a recession. The Bureau of Economic Analysis will release its advance estimate of second quarter GDP on Thursday. Only the Bureau of Economic Analysis can change the definition.
But Joe Biden says, “It’s not a recession.”
National Economic Council Director Brian Deese told CNN that the U.S. was not in a recession, even if it had two straight quarters showing contraction in GDP.
Deese preemptively called it “inherently backward-looking.”
“Certainly in terms of the technical definition, it’s not a recession,” he said.
It’s not just what the Bureau of Economic Analysis says; here’s what Investopedia says: “A recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region. It had been typically recognized as two consecutive quarters of economic decline, as reflected by GDP.”
But that can change, too – just like that!
Don’t like the definition of who can compete against women in sports? Just change the definition of women.
Don’t like the definition of borders for the United States? Just change the definition of borders.
Don’t like the definition of science? Just change the definition. Don’t like the definitions of vaccine/vaccination? Just change it.
Don’t like the way “cheating” in elections is defined? With the way the official stylebook at the Associated Press is going, we’ll soon get a NEW DEFINITION. All it will take is for Big Tech to enforce it in this crazy world in which we live in, unfortunately.
“This is so pathetic,” protested Republican communications specialist Matt Whitlock. “First, the gall to think you can change long-held definitions to suit your political circumstances Second, to think this helps the American people who already have huge recession fears and low confidence in the Biden economy. Deck chairs on the Titanic.”
He went on: “There is no better encapsulation of the Biden White House than watching his team desperately spin away news that we’re already in a recession. … While President Biden is preparing to declare a ‘National Climate Emergency’ to appease the far left and Democrat staffers.”
But Republicans don’t have a say in what our definitions are.
Even a panel on CNN Monday slammed the Biden administration’s attempt to change the definition of a recession as incoming GDP numbers may signal an economic downturn.
On CNN’s “The Lead,” anchor Kasie Hunt began the discussion by telling the panel she’s “struggling” with what the White House is putting out there.
“I get that why they want to do it from a political perspective, but like, you can’t fake this!” Hunt exclaimed.
CNN editor at large Chris Cillizza mocked Biden for saying, “We’re not going to be in a recession, in my view.”
“It doesn’t really matter what you think,” he said. “There is a technical definition, two straight quarters of negative economic growth. They clearly believe that is likely to come to pass later this week. They’re trying to pre-but it.”
Jared Bernstein of the White House Council of Economic Advisers insisted that neither Biden nor the White House was going to “sugarcoat” the incoming GDP numbers, telling CNN on Saturday that only the National Bureau of Economic Research’s Business Cycle Dating Committee can determine whether the U.S. economy is in a recession rather than looking at two quarters of decreased GDP.
But old definitions change.
Treasury Secretary Janet Yellen asserted on Sunday that two quarters of negative GDP growth is not the “technical definition” of a recession despite acknowledging that it is the “common” definition, defining it on NBC as a “broad-based contraction in the economy” based on a wide range of data.
White House adviser Gene Sperling also pushed similar talking points during his appearance on Fox News’ “The Story,” suggesting on Monday that the “jobs market” plays a significant role in what actually contributes to a recession.
We can complain about changing definitions all we want.
What counts in America is how Americans vote.
And you know as well as I know how we were TOLD we voted in 2020 is more important than how we actually voted.
Just ask the brass at Fox who won for president. Just ask CNN. Just ask the Washington Post or the New York Times. Just ask Big Tech.
Don’t ask me that question. I’ve been demonetized.
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