Posted on 07/25/2022 12:02:06 PM PDT by catnipman
The Bureau of Economic Analysis on Thursday is set to release the second-quarter gross domestic product (GDP) numbers. And if they’re negative, that will mark two consecutive quarters in which the economy has contracted — something that is generally understood to mean a recession.
How real and politically sensitive is that possibility? Real enough that the Biden administration is seeking to preempt it. Late last week, the White House issued a document stating that two straight quarters of negative GDP “is neither the official definition nor the way economists evaluate the state of the business cycle.” Treasury Secretary Janet L. Yellen on Sunday went so far as to say she would be “amazed” if the National Bureau of Economic Research (NBER) — which determines whether we are officially in a recession — were to declare that. She also stated flatly that we’re not in a recession.
“Even if that [GDP] number is negative, we are not in a recession now,” Yellen said on NBC’s “Meet the Press.” “And I would, you know, warn that we should be not characterizing that as a recession.”
(Excerpt) Read more at washingtonpost.com ...
https://archive.ph/nYg66
The dishonesty of the MSM-Democrats is beyond belief. Their target demographic is truly the left side of the bell curve.
The Biden administration has redefined woman, man, they….
They are the true authoritarians.
The chocolate rations have been increased from 30 grams to 25 per month. Congratulations citizens, let us continue the march forward.
Janet Yellen is still fat, ugly and stupid. What an eff’n moron. She is one of many commies that caused the current economic problems.
Where are those worthless POSes China Mitch and McCarthy. They should be out there every day calling out the RATs and their failures. I’ve never seen the like before. Even Bob Dole would say something every once in a while. These two are entirely silent. Worthless useless cowards.
“There is no recession. There has never been a recession.”
- White House Ministry of Truth
From Star Trek “Let us redefine progress”.
“It’s not a recession unless it’s from the Recession region of France otherwise it’s just sparkling misery.”
White House Press Secretary: "I'm not an economist"
White House Economist: "There is no technical definition. It is what we say it is."
White House Press Corp: " A follow up. Are we in a recession now?"
White House Press Secretary: "Why would you even ask that?"
White House Economist: "This is the strongest economy in the history of the United States."
Recession is when your neighbor is laid off.
Depression is when you are laid off.
“The economy is growing at a robust negative three percent this year, all hail Xiden the Great!!”
Plus, the official recession call will be made by a panel of experts at the National Bureau of Economic Research (NBER), and it could be a ways away
OK then. It’s not a recession because NBER has not made the call and it could be a ways off.
What BS.
Well, if you’re going to make that statement, you should really get Ronald Reagan’s quote completely
“Recession is when your neighbor loses his job
Depression is when you lose your job
Recovery is when Jimmy Carter loses his job”
and I suppose we should substitute Joe Biden for Jimmy Carter in this case (hopefully)
No way. Who could possibly be that cynical?
Arguing about a label is pretty silly - what people see is gas pump prices, grocery bills, and emptying wallets. The label matters only to those for whom words matter more than facts.
I miss Ronald Reagan...we was a master at quipps.
“ Worthless useless cowards”
Sad but true.
Once again, don’t believe your lying eyes.
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