Flashback Supercut: The Media Destroys Biden Admin’s Desperate Attempt to Redefine a Recession
Harwood: ‘Even if we don’t have two consecutive quarters of negative growth, we might have one quarter of [negative] growth so deep that it’s classified as a recession’
(Via NewsBusters)
On July 21 the White House published a document on its official blog attempting to redefine an economic recession, to exclude the widely accepted criteria of two consecutive quarters of GDP contraction. This vague new “definition” came at an extremely convenient time for President Biden’s economic advisors, considering all signs point to the country having just experienced its second quarter in a row of negative growth (pending a report coming this Thursday).
But for years, journalists and experts alike have argued in favor of the definition which the Biden administration has just tried to undo: that at least two straight quarters of negative GDP growth means the country is in a recession. See the video below for proof:
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