(RepublicanInformer.com)- It is becoming increasingly apparent that the United States of America has entered a recession, but officials in the Biden Administration appear to be using semantics to avoid recognizing it.
It would appear that the criteria that were always used to define a recession, namely two consecutive quarters of negative GDP growth, are no longer applicable today:
REPORTER: “Two negative quarters, two contracting quarters, means the economy is in a recession. Do you believe that?”
BIDEN ADVISOR GENE SPERLING: “That is not the actual definition of a recession. It is a significant contractionary period over a few months.”
Biden economic advisor Jared Bernstein said that he would really object to this kind of semantic claim … the idea that two-quarters of negative GDP growth is a technical definition of a recession is wrong.
However, when Trump was President, a recession was a recession according to the “old and broken” definition.
In 2019, in the year of Trump, Jared Bernstein, now an economic counselor to the Biden administration, defined a recession as the GDP “crossing zero.”
The first three months of 2022 saw a decline in GDP of 1.6 percent.
When asked by a reporter what exactly is the White House’s definition of a recession, KARINE JEAN-PIERRE replied that she wasn’t going to “define it from here”
Biden economic advisor Brian Deese tried to obfuscate, saying that we are seeing a slowing of the economy that is not only expected but necessary as we operate through this “transition.”
It’s not a recession. It’s a “transition.”
NPR (AKA: National Democrat Radio) got in on the act, saying that the U.S. economy contracted by 0.9 percent during the past three months, and it has shrunk for the second straight quarter. Gross domestic output, or GDP, fell by 1.6 percent annually in the first quarter.
BUT. They continued-
Although two consecutive quarters of negative growth are frequently regarded as a recession, there is no official definition of the term. The National Bureau of Economic Research, a nonprofit, unbiased agency, decides whether the American economy is experiencing a recession. That decision was made by an NBER committee of eight economists, and it is based on a variety of variables.
Amazing that this was never pointed out by NPR when Trump was the president.
NPR ran some more cover-
As evidence of the economy’s health, President Biden touted record employment growth and foreign corporate investment.
To me, that doesn’t sound like a recession, Biden said.
Don’t worry, Joe. Your “impartial” economist cronies will back you up.
During Trump’s administration, the “impartial” economists poo-pooed growth. During the Biden administration, they poo-poo shrinkage.