by Chris Black
We already know that the US had a 2nd quarter GDP drop, which means we are officially in a recession.
JUST IN – United States is entering a recession: GDP contracted by 0.9% in Q2, the second quarter in a row.
— Disclose.tv (@disclosetv) July 28, 2022
The US economy has shrunk for the second quarter in a row, a milestone that in many countries would be considered an economic recession.
That is not the case in the US, which uses additional data to make that call.
NOW – Biden economic advisor: “Two negative quarters of GDP growth is not the technical definition of recession.” pic.twitter.com/UTfdl5LzuS
— Disclose.tv (@disclosetv) July 26, 2022
Doocy: “If things are going so great, why are White House officials are redefining recession?”
Jean-Pierre: “We are not.”
Doocy: “It’s two consecutive quarters of negative GDP growth… How is that not redefining recession?”
Jean-Pierre: “That’s not the definition.” pic.twitter.com/eyyvYdZWMj
— Greg Price (@greg_price11) July 27, 2022
Even if we were to accept that it is acceptable to just change definitions like this, what “additional data” would lead one to believe we are “not in a recession”?
All of the “additional data” that I can think of would make the situation look even more grim.
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