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After people accused bureaucrats and government agencies of changing definitions over the past few years, Joe Biden’s administration now claims that a second consecutive quarter of negative gross domestic product (GDP) does not indicate that the United States is in a recession. This despite the fact that two negative GDPs have always been considered a recession in the eyes of economists worldwide for years. Furthermore, US Treasury Secretary Janet Yellen now insists that two declining GDPs is “not the technical definition”.
This week, market analysts, news outlets and economists accused the White House of “Soviet-level propaganda” after the Biden administration redefined the technical definition of a recession. On July 21, 2022, the Biden administration published a blog post called “How do economists decide if the economy is in a recession?”
“Although some argue that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists assess business cycles,” the White House report said.
It’s not a recession until the White House gives economists on the payroll permission to declare it a recession
— zerohedge (@zerohedge) 25 July 2022
Furthermore, a few days later, the White House published another blog post saying that US Treasury Secretary Janet Yellen also claims that two consecutive GDP declines is not the right definition. Yellen appeared on NBC’s “Meet the Press” with Chuck Todd, and when he asked, “If the technical definition is two-quarters contraction, are you saying it’s not a recession?”
“That’s not the technical definition,” Yellen replied. “There’s an organization called the National Bureau of Economic Research that looks at a wide range of data to determine whether or not there’s a recession. And most of the data they’re looking at right now continues to be strong. I’d be surprised if they would declare this period a recession even though it happens to have two quarters of negative growth. We have a very strong labor market. when you’re creating almost 400,000 jobs a month, it’s not a recession.”
Good morning to everyone except the White House for trying to gaslight us about being in a recession
— Ashley St. Clair (@stclairashley) 25 July 2022
The Yellen and Biden administration’s recession arguments are not being taken too kindly, as many people have been saying that two declining GDPs equals a recession and have been saying so for decades. Investopedia defines a recession as “two consecutive quarters of negative economic growth as measured by a country’s gross domestic product.” Many other financial resources and textbooks declare that to be the technical definition of a recession, despite the bureaucrats’ comments.
Can’t wait to hear the White House press secretary simultaneously blame Putin for the recession … while saying we have the “best economic numbers in history.”
— Tim Young (@TimRunsHisMouth) 25 July 2022
Gold bug and economist Peter Schiff ridiculed Yellen’s definition on Twitter when he said: “According to Treasury Sec. Janet Yellen, even if the US economy experiences two consecutive quarters of negative GDP, the economy will not be in recession. Bust is the new boom. Will she be singing the same tune after GDP falls more in Q3 than either of the first two quarters?”
Northman Traders Sven Henrich predicted that politicians would change the definition on July 6, and Trends Journal’s trend forecaster Gerald Celente said the same thing when Bitcoin.com News interviewed him on July 9.
The Biden administration’s top economic priority appears to be changing the definition of a recession.
— Tom Cotton (@TomCottonAR) 25 July 2022
Will O’Grady, a spokesman for the Republican National Committee, explained Monday that “redefining” the definition of a recession shows how “out of touch” Biden’s team is with Americans.
“Joe Biden turned a recovery into a likely recession. Redefining the word won’t fix the fact that Democrats wasted $1.9 trillion, resulting in skyrocketing costs to Americans. This further underscores how out of touch Biden and the Democrats are with the pain families are feeling,” O’Grady emphasized.
Republican Thomas Massie has also criticized the White House for trying to change the technical definition of a recession, comparing it to how bureaucrats around the world changed the definition of a vaccine. “When vaccines failed to prevent infection, they redefined vaccination,” Massie so on Monday. “When the economy fails to grow, they redefine recession.”
What do you think about the White House being accused of changing the definition of a recession? Let us know what you think about this topic in the comments section below.
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