Posted on 07/27/2022 11:41:47 AM PDT by BenLurkin
Some liberal media outlets are beginning to fall in line with the Biden administration's spin on redefining what a recession is ahead of the release of potentially devastating economic stats.
New York Times columnist Paul Krugman told readers "there’s a pretty good chance" that GDP shrank in the second quarter, which will trigger "breathless commentary" about there being a recession. But he insisted "we won’t be."
His assurances about a recession not taking place came just days after he offered a mea culpa for wrongly predicting in 2021 that the country wouldn't face severe inflation. He also predicted in 2016 a global recession would erupt following Donald Trump's election victory.
New York Times economic reporter Ben Casselman insisted it's "hard to say" if the country is facing a recession regardless of what Thursday's numbers reveal.
Like the White House, Casselman referred to NBER's Business Cycle Dating Committee, something he says "tries to be definitive" and defended its lengthy timeline ("as much as a year") to determine if a recession occurred, writing, "even if we are already in a recession, we might not know it — or, at least, might not have official confirmation of it — until next year."
Boston Globe reporter Jim Puzzanghera struck a similar tone on Saturday, claiming "it's not officially a recession until ...
Politico's Ben White tweeted Tuesday, "The White House is pretty obviously right that even two quarters of shrinking GDP would not show the economy is currently in recession." He wrote last month, though, that "I’m sorry to report that the conditions are ripe for a slide in gross domestic product growth that lasts at least two quarters, the technical definition of recession."
(Excerpt) Read more at foxnews.com ...
You’re against democracy if you call our media the enemy or complain about their treatment of Trump. Maybe Paula Reid will scream at President Biden over it.
re·ces·sion (Oxford)
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:
“the country is in the depths of a recession” · “measures to pull the economy out of recession”
Note that no one knows if we are in a recession at the time. We don’t know until the quarter ends. It is a retroactive term.
Also note that there are no hard rules to define a recession. It’s a judgement call.
Have we just experienced a recession?
https://www.forbes.com/advisor/investing/is-a-recession-coming/
Of course, the administration’s spin is smoke.
Quickly embraced by the media - the libtard media probably suggested this to help cover up for their butt buddy President Retard and his dismal economic disaster. They’ll do anything to suck up to their libtard buddies no matter how big the lie. Fake News is nothing more than a daily commercial for Libtardism
Are they journalists no just pawns and to stupid to know it higher education doesn’t teach you everything.
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