On Thursday, we learned that the United States is officially in a recession, but the Biden administration, anticipating that the Bureau of Economic Analysis would announce negative GDP growth in the second quarter, just as there had been in the first quarter, has sought to redefine a recession in order to claim that we aren’t in one.
But everyone knows we’re now officially in a recession. Why? Because two consecutive quarters of negative GDP has long been accepted as the definition of a recession.
But don’t take my word for it. House Speaker Nancy Pelosi (D-Calif.) said exactly that back in July 2008.
“And so while they may have saved the second quarter from a technical definition of recession, the fact is, we are now into the third quarter and we need to have another stimulus package,” she said.
Nancy Pelosi in July 2008: The “technical definition of recession” is two quarters of negative growth pic.twitter.com/JNhzNbgTXa
— RNC Research (@RNCResearch) July 29, 2022
What’s changed? Well, in 2008, George W. Bush, a Republican, was president.
The media has also been assisting the Biden administration in trying to redefine a recession, despite years of previously acknowledging that two consecutive quarters of negative growth is the accepted definition.
Polls have also shown that Americans believed we were in a recession even before the BEA announcement.