House Speaker Nancy Pelosi (D-CA) once described two quarters of economic contraction as the ‘technical definition’ of recession in 2008, though Democrats are now downplaying negative economic growth under the president’s leadership. Joe Biden.
“And so, while they may have saved the second quarter from a technical definition of recession, the fact is we’re now in the third quarter and we need another stimulus package,” he said. said Pelosi in July 2008:
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
This rollback emerges after Thursday’s report showed that US gross domestic product (GDP) shrank 0.9% in the second quarter of the year, following the economy’s contraction of 1. 6% in the first trimester. Two consecutive quarters of contraction usually indicate a recession:
The economy contracted 1.6% in the first quarter. Many Americans consider two consecutive quarters of recession to be a sign of a recession. Economists, however, rely on the determination of the National Bureau of Economic Research (NBER) to tell when a recession is starting. The NBER has a more complex and subjective definition of recessions and generally does not declare a recession until several months after it begins.
However, Democrats remain in denial, including President Biden himself:
Joe Biden says it ‘doesn’t look like a recession to him’ then runs off without answering any questions.
The US economy has contracted over the past two quarters. pic.twitter.com/7381IYRkOZ
— RNC Research (@RNCResearch) July 28, 2022
As a result, Democrats have become the butts of mockery for seemingly trying to change the definition of recession to better fit their political narrative:
The White House can try to redefine recession, but it can’t change people’s sadness over Biden’s failing economy!
Two quarters of negative economic growth = recession (Biden advisers have said this before today)
Biden economy = 28% approval (Quinnipiac)
— Kayleigh McEnany (@kayleighmcenany) July 28, 2022
Biden and the media don’t want the United States in a recession. They do not “identify” with the recession, just as some biological males do not “identify” as males. In the progressive universe, if you don’t feel like it’s a recession, it’s not a recession. Psychology trumps reality!
— Dinesh D’Souza (@DineshDSouza) July 28, 2022
Just a few words that the Liberals redefined:
“pretty peaceful” https://t.co/XINob7S6in
— Christina Pushaw 🐊 🇺🇸 (@ChristinaPushaw) July 27, 2022
If you don’t worry about a recession, why change the definition of a recession?
— Representative Jim Jordan (@Jim_Jordan) July 27, 2022
Any “journalist” or “expert” who does NOT call it a recession is lying to you.
— House Judiciary GOP (@JudiciaryGOP) July 28, 2022