Leave it to the propaganda machine currently residing at 1600 Pennsylvania Ave. in Washington D.C. to change the definition — or at the very least muddy the waters — of an inconvenient term for a situation that they have no one else to blame for but themselves.
In case you missed it — I mean, how could you have seen it since the establishment media has no interest in telling you any kind of truth — President Joe Biden’s regime put out a blog last Thursday asking the question, “How Do Economists Determine Whether the Economy Is in a Recession?”
For context, according to a Forbes article from just two weeks ago, here are two common definitions for recession:
In 1974, economist Julius Shiskin came up with a few rules of thumb to define a recession: The most popular was two consecutive quarters of declining GDP. A healthy economy expands over time, so two quarters in a row of contracting output suggests there are serious underlying problems, according to Shiskin. This definition of a recession became a common standard over the years.
The National Bureau of Economic Research (NBER) is generally recognized as the authority that defines the starting and ending dates of U.S. recessions. NBER has its own definition of what constitutes a recession, namely “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”
The White House blog, as well as Treasury Secretary Janet Yellen, notes the NBER definition —most likely because it’s the one that fits their narrative the best.
Now that we got that out of the way, let’s see how the White House Biden-splains why the typical definitions of a recession might not apply to their manufactured one:
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.
Taking their Cleopatra tactic — you know, because she was the ‘Queen of De-Nial’ (see what I did there?) — to another level, Yellen spoke to NBC News talking head Chuck Todd on Sunday to downplay the possibility that we’re either in or on our way to a recession sooner than later.
“This is not an economy that’s in recession,” Yellen said. “But, we’re in a period of transition in which growth is slowing.”
That’s literally a recession!
If you’d like to lose IQ points by listening to Yellen speak words out loud, watch below:
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