@Roundandroundwego It's denial. Two consecutive quarters of negative GDP is a recession. Econ 101 level stuff. Changing the definition because it politically beneficial isn't fooling anyone.
When you can afford less but you work more we call that the free market without democracy doing what it always does. You call it jobs. It's not a recession if jobs get more of you.
Yeah, here's a secret... The media doesn't make up the facts. They report them.
In this case, for the critical-thinking impaired, they discussed the angle of some who believe the nation is in a recession or head toward one.
An organization called the National Bureau of Economic Research (NBER) has become the official arbiter of recessions. Founded in 1920, the NBER is a private, nonprofit, nonpartisan organization dedicated to conducting economic research. The NBER defines a recession as “a significant decline in activity spread across the economy, lasting more than a few months.” It dives deeply into the data tied to “industrial production, employment, real income, and wholesale-retail sales.” These are very broad categories. They are not tied to one or two sectors, which might be experiencing weakness at any given time. For example during a recession, we’d expect to see declining retail and business sales. This would lead to a decline in industrial production and a rise in the unemployment rate. It’s not as if the NBER confirms a recession has begun shortly after it begins. It took nearly a year for the NBER to confirm the last recession. By then, it was a forgone conclusion. A similar delay occurs when the economy begins to recover, and the NBER is tasked with calling the end of the recession. source: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/http://www.bairdfinancialadvisor.com/prioletti_murphy/mediahandler/media/251835/April%202019%20Client%20Letter%20_%20What%20is%20a%20Recession%20R1.pdf
The world's not as black and white as you seem to think it is.
@RocktheHouse Lines don't mean anything. It's the interpretation and analysis of them against known patterns and templates that communicate their meaning.
But if you saw it on the interwebz, then it's gotta be true.
Although the definition of a recession varies between different countries and scholars, two consecutive quarters of decline in a country's real gross domestic product (real GDP) is commonly used as a practical definition of a recession.[3][4][5] In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales".[6] In the European Union, a recession is defined as "zero or negative growth of GDP in at least two successive quarters".[7] In the United Kingdom, it is defined as negative economic growth for two consecutive quarters.[8][9]
@ron122 There's actually a committee that decides - a group of eight economists that meet to demarcate when a downturn started or stopped. This is the Business Cycle Dating Committee, and it's housed within the National Bureau of Economic Research. They have stated more than once that the nation is not in a recession and even if it were to slide into one, it would be some time before it would be called such.
But you follow whatever Rogan and the other blowhards come up with.
@Graylight Well I'm sure not going to follow the garbage you come up with. re·ces·sion [rəˈseSH(ə)n] NOUN a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters: That's how a resection has always been defined until Biden tried to change the definition.
@Stereoguy 🤣 Democrats are all about politics, no truth in them. They're going to transition from saying "its too early to determine," to saying "we were in a recession but now the economy is doing great." It's evident from the 3/4 trillion dollar inflation [pro]duction bill they just signed.
