print-icon
print-icon

Bill Clinton Sets The Record Straight On Definition Of Recession

Tyler Durden's Photo
by Tyler Durden
Friday, Jul 29, 2022 - 08:33 PM

While this week's Q2 GDP data confirmed that the United States is now in a recession (as traditionally defined - for decades - as two consecutive quarters of negative GDP growth), the Biden administration, in cooperation with its media lapdogs - and even the 'unbiased' lads at Wikipedia, has been furiously peddling a Sith mind trick that "this is not the recession you're looking for."

It's not a recession, it's a 'transition.' 

Treasury Secretary Janet Yellen insisted that "This is not an economy that's in recession," before parroting the "transition" narrative.

Nevermind Biden's own economic advisers defining recession as two quarters of negative GDP growth as recently as last May (h/t Philip Wegmann).

Given the recent 'confusion' on the topic, perhaps we need a former president to set the record straight?

What say you, Karine Jean-Pierre?

0