Wonder why the US economy is NOT in recession despite the fact that we've had two consecutive quarters of shrinking GDP?
The White House provides 90% of the budget for a company in Cambridge, MA that is contracted to announce the beginning and end of recessions. They redefined the term and say we are NOT in a recession.
By Alexander Muse ·
Earlier today President Biden confidently claimed that a recession was not inevitable1 despite the fact that the American people have suffered through two consecutive quarters of shrinking GDP.2 The Oxford English dictionary defines a recession as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”3 How could the president claim that a recession wasn’t inevitable given the fact that the GDP has declined for two consecutive quarters? The answer is simple - the company Biden pays to decide when we’re in a recession has changed the definition of what constitutes a recession.
