Desperate Networks: Recession Talk Just a ‘Buzzword,’ Economy Simply ‘Recalibrating!’

Don’t worry about the floundering economy, the White House has explained that it is simply “recalibrating.” That’s according to the network journalists on Thursday who parroted the Biden administration’s attempt to redefine a recession as something other than two quarters of negative growth. Recession is simply a “buzzword” that doesn’t mean a whole lot. 

The morning will be quieter, and the New York Post put it, “The US gross domestic product posted its second straight quarterly decline in an alarming development That economists consider the definition of economic recession.” But CBS MorningsThe bad news was shown naked. 

According to Nancy Cordes, “Typically, if GDP falls for a second quarter in a row, that could signal a looming recession. However, the Biden administration insists that this is not true. It is possible that the economy has recalibrated after a post-pandemic boom.” 

Did you get that? It’s time to recalibrate.

Talking to CBS analyst Jill Schlesinger, co-host Nate Burleson wondered if the term even mattered: “You mentioned Federal Reserve chair Powell. Although he said that we are not currently in recession, he also stated that we were looking at the situation and listening to about it. The term is becoming almost ubiquitous. Are we in recession?” 

Schlesinger worried that if people hear the U.S. economy fits the definition of a recession, they might think we’re… in a recession: “Here’s what [Fed Chair Jerome] Powell’s really worried about —  he’s saying everyone’s talking about recession, it’s getting ingrained. People are worried about inflation.” 

More than one Good Morning America, reporter Rebecca Jarvis stressed that you definitely shouldn’t consider Thursday’s news a recession: “One way that people define a recession is not the official definition of a recession.” 

Then she explained that: 

The National Bureau of Economic Research, which is also the semi-official arbiter of U.S. recessions, defines a recession as an economic downturn that spreads across the entire economy over a period of time. There have been recessions without two consecutive quarters of economic weakness. It can happen, but it is not always a severe recession. Robin, the most important thing to remember, even though it may not be technically one, it can still make you feel awful. 

More on Today show, NBC’s Gabe Gutierrez touted the Biden spin: “The White House and Fed chair Jerome Powell say they do not think the U.S. Is in a recession yet.” 

On Wednesday, NBC’s Tom Costello said that a recession “depends on who you ask.” He then asked Brian Deese, the National Economics Council Director appointed by Biden. Unsurprisingly, Deese said no recession. 

All three networks acknowledge that the economy is in dire straits. Jarvis noted that it’s “a lot more expensive to own a home, to pay down your credit cards, to buy a new car with an auto loan.” But they are desperately trying to avoid officially accepting that the U.S. is in a recession. 

Why? Well, the Democratic Party is in bad shape and there’s an election in November. It’s rather simple. 

Comcast sponsored ABC’s happy talk, CBS and NBC were sponsored by Progressive Insurance, NBC was by Citi, and ABC by Comcast. You can click the links and let them hear your opinion. 

Here are some partial transcripts. Click “expand” to read more. 

Good Morning America 
7/28/2022

7:03

GRAPHIC: Americans Prepare for Possible Recession 

REBECCA JARVIS – Good morning Michael. According to that report, the country’s GDP may show its second consecutive quarter of declines. This is what many would consider a recession. It comes on top of the fourth increase in interest rates this year. As Americans prepare for possible recession, Fed officials decided to increase interest rates by 0.75 percent in an effort to combat historic inflation. 

…

7.05 am

JARVIS – The GDP report is what we will be looking at later today. Some economists believe it could indicate the second consecutive quarter in declines in economic activity. The official definition of recession does not reflect the way people see it. The National Bureau of Economic Research, which is semi-officially the arbiter of U.S. recessions, defines a recession as an economic downturn that has spread across the economy for more than six months. It’s rare to have recessions with two consecutive quarters in which there was economic decline. Robin, sometimes it happens, but it is not always a severe recession. 

CBS Mornings
7/28/2022
7:06 AM ET

NANCY CORRDES: This morning, everyone will be watching the first-quarter gross domestic products numbers. If GDP drops for the second quarter consecutively, it could indicate a recession. The Biden administration insists that this is not true. The economy simply needs to rebalance after the post-pandemic boom. Nate? 

NATE BURLESON : Nancy, I am so grateful. With more on the recession, CBS News business analyst Jill Schlesinger joins us right now to discuss that and also the Fed’s latest rate hike and what that means for everyone at home. 

…

7:08

BURLESON – You mention Powell, the Federal Reserve Chair. Although he said that we are not currently in recession, he also stated that we were looking at the situation and being warned about it. This is almost a common buzzword. Do we really have a recession on our hands? 

JILL SCHLESINGER They look at a lot of factors and say “After the fact here’s when a recession began, here’s where it ended.”  Here’s what Powell’s really worried about —  he’s saying everyone’s talking about recession, it’s getting ingrained. There is concern about inflation. Inflation is not something we want to be a selffulfilling prophecy. It’s hard to reconcile that we are in recession when the labor market remains solid. Since the start of the year, we have had 2.7 millions jobs. The unemployment rate stands at 3.6 per cent. At the end of the day, it doesn’t really matter.

Today
7/28/2022
7:09

HODA KOTB: Another increase in interest rates. The result is that borrowing money will become more costly. The question now is whether it will be sufficient to prevent runaway inflation or a recession.

…

GABE GUTIERREZ – The Federal Reserve has a difficult task in trying to curb inflation and not plunge the country into recession. Wall Street’s performance so far has been encouraging. However, Main Street is experiencing difficulties. After the most aggressive interest rate hike since the early ‘90s, it’s still not clear if the changes will stave off recession. 

…

GABE GUTIERREZ. The White House and Jerome Powell, Fed Chair, say they are not convinced the U.S. has entered a recession. And Wall Street liked the interest rate news, with the Dow Jones   finishing up 400 points. Although this is the fourth hike in rates for this year, there are more to come. Next rate hike is expected to occur in September. Now this morning, we’ll be getting the latest GDP numbers, which could be another indicator of just how close a recession may be.