Over the weekend the Biden White House officially started their push to redefine what it means for the U.S. economy to be in a recession as the country braces for an updated GDP number -- confirming two consecutive quarters of negative growth -- on Thursday.
"What is a recession? 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. Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession," the White House released Sunday.
The administration also sent Treasury Secretary Janet Yellen out to the Sunday shows to redefine the term.
TREASURY SEC. JANET YELLEN: “This is not an economy that’s in recession. We’re in a period of transition in which growth is slowing, and that’s necessary and appropriate."pic.twitter.com/tzRtURrUH8
— Breaking911 (@Breaking911) July 25, 2022
Now, the leftist media is pushing the White House narrative with the Associated Press leading the way.
The economy shrinking for two consecutive quarters would meet a longstanding assumption for when a recession has begun.
— The Associated Press (@AP) July 26, 2022
But with the U.S. adding 2.7 million jobs over those same six months, economists say that wouldn't mean a recession has started.https://t.co/3GuHKvKSSZ
Meanwhile, the recession started on July 1.
Confirmed.
— Quantus Polls and News (@QPollsandnews) June 30, 2022
This is from the Atlanta Federal Reserve page GDPNow.
Q2 is now downgraded to -1.0% growth. That's two consecutive quarters. Economic contraction is upon us.
Hitherto recession. pic.twitter.com/tyvGEvFFpA
Today is technically the first day of recession.
— Patrick Bet-David (@patrickbetdavid) July 1, 2022
If you have a solid plan, future looks bright.
If you don't have a plan, get a solid plan.
If you don't care to have a plan, then netflix & chill.
Either way, recession is here.
pic.twitter.com/jGsmwq4CkK