Prepping for Economic Catastrophe, Biden Admin Tries Changing Definition of ‘Recession’

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While the economy remains in the toilet under the administration of Joe Biden, his team is preemptively seeking to change the definition of “recession.”

The Daily Caller reports:

Economic commentators frequently use two consecutive quarters of negative GDP growth as a “rule of thumb” that an economy is in a recession, according to Axios. While the economy shrank by 1.4% in the first quarter,… Biden’s economic team argued in a blog post that even if second quarter GDP growth is also negative it is still “unlikely” that that would indicate the economy is in a recession.

The National Bureau of Economic Research defines a recession as “a significant decline in economic activity that is spread across the economy and lasts more than a few months,” and looks at everything from inflation-adjusted income, various employment statistics, consumption expenditures and industrial production. Google, however, defines the phenomenon as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

Dating back to the end of World War II, a recession has been declared every single time the economy experiences negative growth for two consecutive quarters, E.J. Antoni, research fellow for regional economics at the Heritage Foundation, told the Daily Caller News Foundation.

The White House’s blog post argued that because industrial production, employment, and spending have increased this year, two quarters of declining output should not be used to measure inflation.



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Richard Hennessy
Richard Hennessy
24 days ago

Desperate!!

Jay Jones
Jay Jones
24 days ago

Biden Clueless about everything!!

MOCountry
MOCountry
24 days ago
Reply to  Jay Jones

But his puppeteers know exactly what they are doing!! And while our country is being destroyed by the dimocraps, the MSM is telling us how great joe is and Fox is telling us what we already know! The sad part is, nobody is doing a damn thing about it!!

Colorado Cowboy
Colorado Cowboy
24 days ago

Joe may be the spokesweasel, but he could not have come up with this himself. I doubt he can choose his own ice-cream flavor without help. More proof that the gaggle of mis-fits he has picked for his cabinet and staff are running the show, and very badly.

charles A wilkins
charles A wilkins
24 days ago

Don’t believe biden and the democrats, look no further then their America last policy China first policy, look at their in power, financial gain, pelosi and family, biden and family, look at the pawns they put on office, look at our open borders and now” Polio” has returned to the United States because of biden’s border policy, times for changes America vote them out keep them out, vote in the mid terms.. 

Bill Williams
24 days ago

Biden and his band of sewer of flies are so friggin predictable.

Nine Island Girl
Nine Island Girl
24 days ago

Those of us shopping for groceries and filling up our gas tanks, would most definitely disagree.
We’re in an upside down world. Right is wrong and wrong is right. Better get used to it until November.

Philip Hammersley
Philip Hammersley
24 days ago

Everything else Slow Joey believes and says is FANTASY; why change now?

Gene Paul
Gene Paul
23 days ago

At least Joe Biden is consistent. He is ALWAYS wrong about everything!

MNIce
MNIce
23 days ago

The headline is not quite accurate, because there is no sign the administration is taking realistic action to undo its disastrous effects on the economy. Here’s the corrected version that more accurately describes what the story reports:

Prepping for Economic Polling Catastrophe, Biden Admin Tries Changing Definition of ‘Recession’

Paul Jerome
Paul Jerome
23 days ago

Impeach the dunce.

Judith
Judith
22 days ago

Semantic shenanigans don’t fool anybody. Inflation is at a 40+ year high, gasoline prices have doubled since Biden was installed, investment portfolios have taken a huge hit that is especially painful for retired people, the supply chain is a mess, and these idiots think calling it by another name is going to save them from political ruin?

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