(PresidentialWire.com)- The Biden administration is working hard to undo the president’s mistakes, issuing corrections after he gaffes. But for the administration that wanted to create a ministry of truth under the Department of Homeland Security, redefining words is simply part of the job. The next goal is to redefine how we consider “recession.”
A recession is defined as a significant decline in economic output, including factors such as consumer demand and employment whose effects usually last a few months while recovery can last a couple years. This week marked the second consecutive quarter of declining gross domestic product (GDP). But the Biden administration is rejecting this.
“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” the Biden administration said in a statement, instead asserting that the National Bureau of Economic Research calls a recession “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.”
Precisely, Joe…that is what this is.
“Based on these data, it is unlikely that the decline in GDP in the first quarter of this year–even if followed by another GDP decline in the second quarter–indicates a recession,” the White House continued.
During the first quarter, GDP fell by 1.6%. The new report released this week shows that GDP fell by another .9%, oen day after the Federal Reserve increased interest rates once again in response to June’s 9.1% inflation rate.
“Two back-to-back negative quarters, it’s not good, call it whatever you want,” CNBC analyst Rick Santelli said after the recent report was released.
Not only did the administration try to spin words to weave them into different meanings, but they also rejected June’s inflation numbers as out of date.
“Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families,” the administration wrote a couple weeks ago.
