The definition of recession is two straight quarters with negative GDP growth for the past 70 years. Everybody who took Economics 101 was told the same thing. Until recently there wasn’t any argument.
In fact, the only time in modern history where two-straight quarters of negative growth didn’t define a recession was at the beginning of George W. Bush’s term. That is the reason why a single quarter Negative growth was the decisive point.
Question: How many of the 10 consecutive quarters in which the U.S. has seen negative economic growth have been followed by two quarters of decline?
Answer: 10. pic.twitter.com/yrR1kwlC4r
— Michael R. Strain (@MichaelRStrain) July 25, 2022
Given that, with a second straight quarter of negative growth about to be announced, you’d think there’d be no argument about the fact that the nation is clearly already in a recession. But you’d have thought wrong.
The Biden administration has been hard at work completely redefining the term, insisting that the technical definition no longer applies because of “reasons.” Redstate has reported on some of the absurd claims, which you can check out by clicking here and here.
The press has now joined the fray of this dishonest, ridiculous act. The Associated Press, and The New York Times both published breathless pieces Wednesday morning letting the world know that two quarters in a row of negative growth was not a recession.
Do not ignore the rule of two quarters. We might have a recession, but we aren’t in one now https://t.co/48qpo9uoQL
— Paul Krugman (@paulkrugman) July 27, 2022
By one common definition — the economy shrinking for consecutive quarters — the U.S. economy is on the cusp of a recession.
However, this definition doesn’t count. https://t.co/Bw1am1viQ4
— The Associated Press (@AP) July 26, 2022
To these people, nothing matters. They believe there is nothing but partisanship. How can I find the truth? Because the same Associated Press that is currently rushing to redefine what a recession is in order to protect Joe Biden…once used the technical definition freely.
— Damin Toell (@damintoell) July 26, 2022
Hypocrisy gets worse when there are more media outlets, and therefore their journalists. The following montage was created by Young Americans for Liberty. It is mostly from 2020, when Donald Trump’s press wanted to declare a recession (only because COVID-19 states were forcibly closed down for several months). Far from arguing nuance, MSNBC, CNN, and the like were all on board with the “two straight quarters” definition, using it repeatedly.
Now vs. then: What’s a “recession?”
The party ordered you to ignore the evidence from your ears and eyes. This was their last, most important command.”
It is like reading a George Orwell novel. pic.twitter.com/Woa3i9evNn
— Young Americans for Liberty (@YALiberty) July 26, 2022
The best thing about the video is its end. You see CNN’s John Harwood, who is nothing but a stenographer for the Biden White House, claiming that a single quarter of negative GDP growth should be defined as a recession under Trump. Now, Harwood says that two straight quarters of negative GDP growth, 9.1 percent inflation, depressed real wages, and a labor shortage aren’t a recession. Harwood stated in June that there had actually been an increase of GDP growth, 9.1 percent inflation, depressed real wages, and a labor shortage. proclaimed there weren’t even any signs of a recession. It’s farcical.
Here are the cold, hard facts, no matter what any “fact-checker” tries to allege. According to the current technical definition of modern economics, we’re currently experiencing a recession. Biden and the media will not change this. Let them flail, while we point and laugh.
In the meantime, Americans know the truth. This will be a test to see if mainstream media personnel still possess any dignity. Will you stand up to not lie to the people to help the White House? John Harwood can be crossed off your list.