Brian Deese, yesterday: "Two negative quarters of GDP growth is not the technical definition of recession.”
Deese, 2008: “Economists have a technical definition of recession, which is two consecutive quarters of negative growth.” pic.twitter.com/MzVk7drq3v
— RNC Research (@RNCResearch) July 27, 2022
Trump: Miss Me Yet? A Continuing Series-193
- Donald R. McClarey
Donald R. McClarey
Cradle Catholic. Active in the pro-life movement since 1973. Father of three, one in Heaven, and happily married for 43 years. Small town lawyer and amateur historian. Former president of the board of directors of the local crisis pregnancy center for a decade.
The National Bureau of Economic Research has an elaborate definition. The ‘two quarters’ definition is the short-hand. If I’m not mistaken. the NBER definition is ultimately a more relaxed threshold than the ‘two quarters’ definition. For example, NBER defines one of our more recent recessions as beginning in December 2007, though declines in production were not registered for another few months.
Since January of 1947, the Bureau of Labor Statistics has taken 905 readings of the change in the Consumer Price Index since the month previous. The change reported in June 2022 was higher than all but 13 such readings. Of the higher readings, 7 were recorded in 1947-51, during the Truman inflation which Wm. Martin’s Fed put an end to in 1951-52. One was recorded in September 1974 during the OPEC i recession. Three were recorded during Jimmy Carter’s last, sorry-assed year in office, when Paul Volcker had been told to abandon his plans to restabilize prices. One was an anomalous reading from September 2005. Never in my lifetime have the people making the decisions in this country been so destructive and irresponsible.
The NBER designates the beginning and ending of recessions by month. That leads to differences from a two-quarters rule. The NBER has designated shorter periods as recessions (the covid one was two months) but to my knowledge they’ve never failed to designate some portion of a two-or-more-quarters decline as a recession.
Why do 90% of us know the media and institutions are lying?
China Joe’s horrid handlers have managed to foment both massive inflation and recession.
Going out on a limb here:
If these numbers [and they are blacking-out many recessionary stats aside from the GDP contraction] were experienced if Trump were President, they’d be calling this “The Great Depression of the 2020’s.”
N.B., Stop letting them characterize the insane 2020 lockouts as economics.
That was pure, politicized epidemiology and a beta-test tyranny [crash the economy to get rid of mean tweets/fatal threat to the oligarchy, Trump]; and cover for CCP germ warfare.
It’s a recession when your neighbor loses everything.
It’s a depression when you lose everything.
It’s a recovery when the Democrats lose everything.