4 ms·

Still, let's not pretend the narrative has been recently "adjusted". https://www.businessinsider.com/trump-appears-to-misunderstand-definition-of-recession-201

Still, let's not pretend the narrative has been recently "adjusted". https://www.businessinsider.com/trump-appears-to-misunderstand-definition-of-recession-2019-8 https://www.businessinsider.com/trump-appears-to-misundersta... "Recessions are generally defined as being six consecutive months of negative economic growth. By this definition, there is no such thing as a two-month recession." Obviously that is a very widely used and well accepted definition of recession including among experts and industry journalists. The idiotic thing is that's recently being claimed is that's not an "official" definition of recession, as though that makes any difference or makes someone incorrect for using the definition. A government's definition of a word gives it no more weight than anybody else's definition of that word, outside the duties of that government. Arguably the two-quarters rule is the preferred definition because it is more widely used and known. And let's be honest, that definition certainly would be put to use by its most fervent deniers today if there were different politicians in office.

RC_ITR 4y ago
>EDIT2: And, just to cut you off at the pass, here's the archive from 2019 with the same exact text: https://web.archive.org/web/20190831041001/https://www.bea.g https://web.archive.org/web/20190831041001/https://www.bea.g... Why did we have a recession in 2000 if that's the rule then? Does 2020 not count since it was 4 months? And what's your comment on the fact that this is the first 'recession' where the impact can be largely explained by net exports? Maybe the narrative changed because the conditions changed?
- throwawaylinux 4y ago
  I think you're making this more difficult than it is. 1. Different people have different definitions of recession. Two quarters is probably the most widely used and known one, so it's perfectly valid to use, but not everyone may agree so you can see differences. 2. People have ulterior motives for calling a recession. Even the same dishonest person will use different definitions at different times according to who can be blamed or credited. And there are a lot of dishonest people in government and corporate media. So put all that aside. "The US is in recession." That's a perfectly reasonable statement that anybody can understand in context even those who have a slightly different definition where it doesn't fit.
  - RC_ITR 4y ago
    >I think you're making this more difficult than it is. I think you're missing the entire point Whether or not the US is in recession is a very complex decision that is usually easy to make because most of the metrics move in the same direction. A lot of people (you included) are still living in that world despite the fact that all the metrics are extremely weird right now (pandemic, etc.) The fact that no one is talking about the weirdness is a major problem. And you know who will talk about the weirdness? NBER.
    - throwawaylinux 4y ago
      I'm not missing the point, you are missing mine. > Whether or not the US is in recession is a very complex decision No, whether or not some government department proclaims the US to be in a recession is based on that "very complex decision". That does not make the other more widely used and known definition of the word wrong or less valid. "The US is in a recession". Perfectly valid and reasonable statement and any economist and most people vaguely interested in economics and politics will know exactly what is meant if they heard that today.
      - RC_ITR 4y ago
        >"The US is in a recession". Perfectly valid and reasonable statement and any economist and most people vaguely interested in economics and politics will know exactly what is meant if they heard that today. Agree to disagree I guess

RC_ITR 4y ago

>EDIT2: And, just to cut you off at the pass, here's the archive from 2019 with the same exact text: https://web.archive.org/web/20190831041001/https://www.bea.g https://web.archive.org/web/20190831041001/https://www.bea.g... Why did we have a recession in 2000 if that's the rule then? Does 2020 not count since it was 4 months? And what's your comment on the fact that this is the first 'recession' where the impact can be largely explained by net exports? Maybe the narrative changed because the conditions changed?

throwawaylinux 4y ago
I think you're making this more difficult than it is. 1. Different people have different definitions of recession. Two quarters is probably the most widely used and known one, so it's perfectly valid to use, but not everyone may agree so you can see differences. 2. People have ulterior motives for calling a recession. Even the same dishonest person will use different definitions at different times according to who can be blamed or credited. And there are a lot of dishonest people in government and corporate media. So put all that aside. "The US is in recession." That's a perfectly reasonable statement that anybody can understand in context even those who have a slightly different definition where it doesn't fit.
- RC_ITR 4y ago
  >I think you're making this more difficult than it is. I think you're missing the entire point Whether or not the US is in recession is a very complex decision that is usually easy to make because most of the metrics move in the same direction. A lot of people (you included) are still living in that world despite the fact that all the metrics are extremely weird right now (pandemic, etc.) The fact that no one is talking about the weirdness is a major problem. And you know who will talk about the weirdness? NBER.
  - throwawaylinux 4y ago
    I'm not missing the point, you are missing mine. > Whether or not the US is in recession is a very complex decision No, whether or not some government department proclaims the US to be in a recession is based on that "very complex decision". That does not make the other more widely used and known definition of the word wrong or less valid. "The US is in a recession". Perfectly valid and reasonable statement and any economist and most people vaguely interested in economics and politics will know exactly what is meant if they heard that today.
    - RC_ITR 4y ago
      >"The US is in a recession". Perfectly valid and reasonable statement and any economist and most people vaguely interested in economics and politics will know exactly what is meant if they heard that today. Agree to disagree I guess