Nancy Pelosi once called 2 quarters of contraction the ‘technical definition of recession’

William2022-07-29
215
Nancy Pelosi once called 2 quarters of contraction the 'technical definition of recession'


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:

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:

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:




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William2022-07-29
215
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