(Chris Parker, Headline USA) After months of warnings and predictions from leading economists, two consecutive quarters of negative GDP growth officially means the United States economy is in a recession.
However, the Left is attempting to undermine the current state of the economy by debating the word’s meaning, reported Breitbart.
White House Economic advisor Brian Deese told reporters yesterday, “Two negative quarters of GDP growth is not the technical definition of recession.”
However, Deese wrote in 2008, “Economists have a technical definition of recession, which is two consecutive quarters of negative growth.”
White House press secretary Karine Jean-Pierre echoed his bogus claims: “That’s not the definition,” she said during a press conference.
“The textbook definition of recession is not – is not – two negative quarters of GDP.”
According to Investopedia, “a recession is a significant, widespread, and prolonged downturn in economic activity. Because recessions often last six months or more, one popular rule of thumb is that two consecutive quarters of decline in a country’s Gross Domestic Product (GDP) constitute a recession.”
This year has been a tumultuous time for the US economy. Soaring inflation is making it more difficult for American small businesses to pay their rent. Nearly half have said that they risk closing down by fall.
The Biden administration has been heavily criticized on social media for its attempts to redefine recession.
Biden and the media don’t want the US to be in a recession. They don’t “identify” with recession, just as some biological males don’t “identify” as males. In the progressive universe, if you’ve don’t feel like it’s a recession, it’s not a recession. Psychology overrides reality!
— Dinesh D’Souza (@DineshDSouza) July 28, 2022
Florida press secretary Christina Pushaw called out the Left’s history of redefining words to benefit their agenda.
“Just a few words that liberals have redefined:
‘mostly peaceful,'” she Tweeted.