Based on modern economics’ accepted definition, the United States was officially in recession as of the start July. The 2Q GDP, which shows a decline of -0.9%, has been published after 1Q GDP was reported at -1.6%.
BREAKING: GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal https://t.co/bQT3XG1JMB
— CNBC Now (@CNBCnow) July 28, 2022
That news comes as the White House has been desperately trying to redefine the term “recession,” with an assist from some willing mainstream media outlets. However, it is clear that recession has been defined for every quarter of consecutive quarters with negative growth. This rule is strictly political.
The Biden administration will likely ramp up their spin now that all the information is public. What number of journalists will speak out for truth in this news? I’m going to venture not many.
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