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Wikipedia takes cue from White House and re-defines “recession”

7 points by notlukesky 4y ago

notlukesky 4y ago
I also love how they locked the page from edits: Wikipedia has changed the definition of ‘recession’ and locked the page from further edits. These changes were made during the week that the White House proposed a re-definition of recession to mean something other than two consecutive quarters of negative GDP growth.
- jstx1 4y ago
  In the US this has been decided by a committee for a long time - https://www.npr.org/2022/06/24/1107581150/recession-referees https://www.npr.org/2022/06/24/1107581150/recession-referees It's never been a strict "2 consecutive quarters" rule.
elmerfud 4y ago
Redefining terms has always been a popular thing to do in politics. Because it allows them to sow division among the people and create strife as a distraction. Posting about it furthers their agenda because you're arguing over the meaning of a word instead of the actual economic problems. Regardless of what word is used the economic problems still exist. So instead of playing their game of division and distraction, perhaps it would be better to educate so better representatives are elected.
Khelavaster 4y ago
Seems all right: "In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales". In the United Kingdom and most other countries, it is defined as a negative economic growth for two consecutive quarters."
rvz 4y ago
The timing on this was magnificent wasn't it? Why decide to 'change definitions' now? It's as if they knew something was going wrong, so they needed to change it and give out excuses like this. It doesn't matter and it has already been indirectly admitted, that they are in a recession. Just look at the media scrambling to defend this administration's incompetency. It is indefensible. This action tell us that it is probably going to get worse and even if the National Bureau of Economic Research (NBER) declares it, then the media and this administration will continue their denial.

7 points by notlukesky 4y ago

I also love how they locked the page from edits: Wikipedia has changed the definition of ‘recession’ and locked the page from further edits. These changes were made during the week that the White House proposed a re-definition of recession to mean something other than two consecutive quarters of negative GDP growth.

jstx1 4y ago
In the US this has been decided by a committee for a long time - https://www.npr.org/2022/06/24/1107581150/recession-referees https://www.npr.org/2022/06/24/1107581150/recession-referees It's never been a strict "2 consecutive quarters" rule.

elmerfud 4y ago

Redefining terms has always been a popular thing to do in politics. Because it allows them to sow division among the people and create strife as a distraction. Posting about it furthers their agenda because you're arguing over the meaning of a word instead of the actual economic problems. Regardless of what word is used the economic problems still exist. So instead of playing their game of division and distraction, perhaps it would be better to educate so better representatives are elected.

Khelavaster 4y ago

Seems all right: "In the United States, a recession is defined by the National Bureau of Economic Research (NBER) as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales". In the United Kingdom and most other countries, it is defined as a negative economic growth for two consecutive quarters."

rvz 4y ago

The timing on this was magnificent wasn't it? Why decide to 'change definitions' now? It's as if they knew something was going wrong, so they needed to change it and give out excuses like this. It doesn't matter and it has already been indirectly admitted, that they are in a recession. Just look at the media scrambling to defend this administration's incompetency. It is indefensible. This action tell us that it is probably going to get worse and even if the National Bureau of Economic Research (NBER) declares it, then the media and this administration will continue their denial.