Free Republic

The White House has just redefined the word “recession” because, well, of course they did. A new GDP report is expected Thursday, which many experts anticipate will show growth declines for a second straight quarter. Since the White House has just put out an updated definition, the Biden administration can plan on evading the r-word entirely. Or so it thinks. “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,” the White House wrote. “Instead, both official determinations of...

VIDEO2022 had a negative GDP in its first quarter and now that the second quarter GDP report is coming out in a few days, liberals suddenly want to change the definition of recession from how it has traditionally been defined.

Revised Q2 GDP printed at 1.7% and that was higher than expected (1.0%), but lower than the previous print of 1.8%. And that print of 1.8% was revised downward to 1.1%. realgdp17 The GDP revision polka (pre- and post-revisions): GDP pre post revision Personal consumption growth, a large piece of real GDP, slowed to 1.8% in Q2 from a downward-revised 2.3% in Q1, also beating economists’ consensus estimate of 1.6% growth. pce073113 The personal saving rate (personal saving as a percentage of disposable personal income) was 4.5 percent in the second quarter, compared with 4.0 percent in the first quarter....