Even CNN is Bashing the White House’s Attempt to Redefine Recession
Cillizza: “It’s a problem for them, this adds to the problem, but you don’t get to change the nomenclature in the middle of a campaign because it doesn’t work for you.”
The White House is trying to change the definition of recession because we all know the economic report coming out this week will suck.
A recession is when the GDP declines for two consecutive quarters.
In other words, the report will likely show we are in a recession
CNN’s Kasie Hunt and Chris Cillizza are disgusted by how the administration has been trying to change the definition.
The last straw is when Biden said, “We’re not going to be in a recession, in my view … my hope is we go from this rapid growth to a steady growth.”
CILLIZZA: “I was laughing to myself with the in my view thing. Like in my view, I should be drafted to the nba. Nba executives didn’t agree with that. It doesn’t matter what you think. There is a technical definition two straight quarters of negative economic growth. They clearly believe that is likely to come to pass later this week. They’re trying to prebut it, to your point, we get why they’ll doing it politically. At the same time, we have these terms for a reason.”
You don’t have to like it. Joe Biden’s handling of the economy was at 25% or 30% in the most recent poll. It’s a problem for them, this adds to the problem, but you don’t get to change the nomenclature in the middle of a campaign because it doesn’t work for you.
Amid fears of recession, CNN’s Kasie Hunt slams the Biden administration for denying the definition of a recession:
“You can’t fake this!” pic.twitter.com/gGriut3as8
— RNC Research (@RNCResearch) July 26, 2022
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Comments
Biden thinks the economy is growing rapidly? We’ve been in recession for at least 6 months.
Biden thinks he wants a nap.
His handlers are terrified that the awful state of everything is endangering their chances for high dollar contracts with MSNBC or tell-all book contracts.
They also think that truth is relative and shut up haters!
Biden has LITERALLY NO IDEA what is happening outside his cloistered circle of handlers and what’s on his teleprompter. He was a complete idiot even when he was fully in control, now that he’s pretty far along into dementia he has absolutely no way to get or process information.
That’s why he’s started to get mean with the press. ‘Dr’ Jill and his handlers insist that he’s doing everything great and everybody loves him, so when he’s confronted with how much normal people hate him he literally can’t process it, and he lashes out at the closest people at hand.
Yea, I keep telling people that on the best day in his life, Biden was a corrupt dope.
And for the record, he didn’t have the china virus. They made that up as an excuse to get him some rest.
The pedophile-in-chief doesn’t know what day it is, or what room he wakes up in. All know wants is his pudding and a toddler.
He doesn’t even say, “I want my pudding” anymore. He just points to his mouth ans says, “Uh. Uh.”
Delusion is the modus operandi of the Biden regime. No recession, we can all instantly switch to electric cars and solar/wind power, we can instantly delete the petroleum industry with no effects on the economy or farming, the price of fuel has no effect on the economy, the jobs “we created” weren’t just replacements for those lost in the pretend pandemic, we have strong border, and, of course, our enemies respect and fear us.
Where are my mean tweets?
Akshually, they (D) do it all the time.
They changed “Alzheimers patient” to “mental giant”
If Whoopi Goldberg can change the nomenclature for rape, recession should be a cakewalk.
Now, if a rapist changed the nomenclature for rape immediately before raping someone, wouldn’t that be the perfect Democrat moment?
It would be right up there with the bullhorns blaring “This is not an assault,” as assault vehicles punched in the walls of the buildings in Waco, killing 56 adults and 20 children. It was the second largest mass murder in American history (and one usually left off the listicles because, you know, you can’t include the ones the government does.).
Hell, Democrats are ready to change the nomenclature of the word “is” when it suits them.
“Brandenomics”; It’s a regression or repression not a recession.
Here is a coming battle that should be funny to watch
We all know the media in general is the official mouthpiece and promulgator of lies/spin for the left. ( willingly)
But, the media also is not stupid and realize they will only survive as long as sponsors pay for them and realize that they must maintain a small degree of credibility or they risk becoming CNN.
They have no issue lying but there is a limit to the stupidity of the lie because of the point the risk outweighs the benefit.
So, they are not doing this because of any sense of decency or ethics or “right”- they are doing it because its so stupid and an obvious lie they they know the people wont buy it so they are giving the “illusion” of exposure simply to save face for more of their routine lies.
I expect more of this in volume and significance with the passage of time.
This super Anti-American regime kicked off a recession within days of STEALING an election through Dictator style Dominion cheating machines. This was only part of how a demented/perverted political HACK slithered into the Oval Office. Also, with so many liberal judges placed by sub human Obozo no judges would ever hear this case that had such overwhelming evidence. Don’t even get me started on the SC.
Who really is running the show? We all know for sure that it is NOT the clown who does nothing but fill his diapers. Best guess? The GLOBALISTS, featuring repulsive Soros.
“Who really is running the show?”
That’s a good question, one that I don’t know the answer. I know this, it’s not Soros, but he’s a bit player in the cabal. It’s not obama, he’s not bright enough, but they use him as a front man girl.
I’m seeing glimmers that suggest a communist (CCP) owned corporate group. Not officially owned, it’s not on paper.
The man who is missing a few french fries from his happy meal tells us there is an abundance of french fries at McDonalds for $199.99 plus tax.
Two quarters of GDP is NOT the official definition of a recession, it is a rule of thumb. The NBER, which defines when recessions begin and end, uses a wide variety of economic indicators for deciding when a recession begins. A case in point us the 2001 recession after the dot-com bust. That recession was declared after only one quarter of decline at the time.
I am not defending the Brandon Administration’s economic illiterates. Rather I am just pointing out how recessions are declared by the NBER.
Remember, the first quarter decline was a kind of fluke that may have been the result of the supply shortages at the time. Specifically the decline was due to a run down in inventories and an increase in the trade deficit, possibly because inventories couldn’t be restocked fast enough because they were on ships qued up off the California coast, and because exports were stuck in ports waiting to get out.
For the second quarter let’s withhold judgment until we can determine where the weaknesses in the economy are.
Having said all that, the economic illiteracy of reporters about two quarters of GDP decline being a recession should help the GOP in the fall.
BTW I do think there will be a recession soon and that it will be a doozy, but I don’t think we’re quite there yet.
As I have posted before, IMO inflation as measured in the 1970’s – a fixed basket of items – has been running perhaps 10 percentage points above wage gains for a while. Once the “free” money from the stimulus programs runs out, there will be quite a squeeze, as people eventually must buy fewer numbers of goods and services.
There have been three major revisions to the way the CPI was measured in the 1970s. The first was to change the housing part. Prior to the change, owner occupied housing prices were based on the purchase price of houses. That mixed capital costs with the price of consumable costs of other goods and services. So one revision was to change owner occupied housing costs to a rental equivalence. The second major change was to move away from a fixed basket which imparted an upward bias to the CPI because of substitution effects. The current CPI is based on an ideal price index (a Fisher’s price index to be precise) which takes into account substitution effects. The third major revision was to change certain unweighted parts of the index from arithmetic averages to geometric averages, again because of the upward bias arithmetic averages imparted to the index.
BTW I think a second index needs to be created. It would be an index measuring the price of capital goods. Often capital goods prices will move in a different direction than goods and services prices. That is information that would be useful to know.
OK, liberal concern troll.
Pop quiz.
Q: The last 10 times the economy showed 2 consecutive quarters of negative growth, how many times was a recession declared?
A: 10. 10 out of 10 times.
Somehow my comment to you got posted as a reply to CommoChief. Please read my reply to you there.
Well, I’ll just note you have not answered the very simple question –
“Q: The last 10 times the economy showed 2 consecutive quarters of negative growth, how many times was a recession declared?”
The answer makes any other take look just like it is, an excuse that doesn’t hold water.
The NBER is not the official arbiter of when recessions begin and end either. Your comment imply’s they are such when they are not.
“A downturn must be deep, pervasive, and lasting to qualify as a recession by NBER’s definition, but these are retrospective judgment calls made by academics, not a mathematical formula designed to flag a recession as soon as one begins.”
https://www.investopedia.com/terms/r/recession.asp
BINGO
100%
Jack,
All that is very true but the question is was the import data withheld or delayed on purpose to make GDP look better? Eventually monkeying with the numbers shows up in large revisions….
I take umbrage at being labeled a liberal troll. If you follow my comments, you should know that I vehemently object to terming Leftists, liberals. They most certainly are not. Secondly, in my comment I was stating how recessions are declared and the manner in which the NBER goes about declaring recessions. That is the objective reality. I also gave reasons why the first quarter’s decline may be considered by the NBER an anomaly. In actual fact, I do not know how they might consider it. (I might note that on occasion, revisions to GDP can change the direction of growth, which is why the NBER does not use GDP itself as an indicator.) I would be unsuprised though if the second quarter reports a decline and the NBER does not declare a recession. Nonetheless, I think there will be a recession in the very future, and it will be severe. Contrary to your thinking, I was not trolling but giving a straightforward analysis of where we stand. You might not like the conclusions, but they are what they are. We should be like Leftists who (self-refutingly) think there is no objective reality. PS I also detest Brandon.
My long reply, ostensibly to you, was meant to be posted as a reply to Onlinser. My apologies.
In any event, import/export data are usually unavailable or poorly estimated on time for the initial reports on GDP. So, I not surprised about what you observed. It is only in later reports that the data are “finalized.” I put that word in quotes because from time to time major revisions are made to GDP that can change the original finalized numbers.
No worries on a misdirected post, we’ve all done it.
There are revisions and then there’s ‘revisions’. The scale is to my eyes the clue to when monkeying around with data for political reasons occurs. A massage of data in the original but later revised more unfavorably loses the PR sting because its in the past and is more palatable to the public.
Every Admin does it to some degree but the scale seems to be increasing under Biden.
Maybe so. Just to put this in perspective, if I am not mistaken, the 1.6% decline is an annualized number. So, the actual decline was 0.4% or in decimals, 0.004. That is not a very large number. It would not take a lot to turn it around. A miss on inventory accumulation, so it ends up a bit larger than originally estimated, and/or somewhat higher exports and lower imports could be enough to change -0. 004 to +0.001, not a very large increase but an increase nonetheless. Of course, what I am saying is speculative. The revisions may actually make things worse than originally reported. We will have to wait and see.
Changing the definition means never having to say you were wrong.
Forty+ years ago when I was a doctoral student, my thesis advisor told me, “God***it Bob, words have to *mean* something!” (when discussing a dissertation draft and my lazy – at that time – writing therein). Somebody needs to tell the Biden administration (and a lot of other people) the same thing.
With the marxist left it’s not that words don’t have meaning, it’s just that the meaning changes as needed.
‘When I use a word,’ Humpty Dumpty said in rather a scornful tone, ‘it means just what I choose it to mean–neither more nor less.’
‘The question is,’ said Alice, ‘whether you can make words mean different things–that’s all.’
‘The question is,’ said Humpty Dumpty, ‘which is to be master–that’s all’