4 ms·

Government-published economic statistics. They literally changed the definition of 'recession' for political convenience. You really think the economy is boomi

Government-published economic statistics. They literally changed the definition of 'recession' for political convenience. You really think the economy is booming right now like whats being claimed? Every admin manipulates BLS collection data to make unemployment look good.

staticman2 4y ago
"They literally changed the definition of 'recession' for political convenience" They did no such thing.
- corbulo 4y ago
  Well then I don't think this dialogue is gonna go anywhere. Agree to disagree.
  - aceofspades19 4y ago
    It would help if you explained what they changed it from and to and when maybe.
    - Vecr 4y ago
      Two consecutive quarters of negative real economic growth to... Something else. I'm not sure there ever was a new definition, just a denial of recession.
      - jessaustin 4y ago
        We're still pouring public resources into armaments manufacturers, some of whose products have reached or theoretically will reach the battle in Ukraine, so the redefinition project was a success!
    - corbulo 4y ago
      Widely agreed upon definition prior to 2022: https://www.forbes.com/sites/leonlabrecque/2019/03/25/what-is-a-recession-anyway/ https://www.forbes.com/sites/leonlabrecque/2019/03/25/what-i... https://www.nationalreview.com/corner/it-depends-what-the-definition-of-recession-is/ https://www.nationalreview.com/corner/it-depends-what-the-de... https://www.washingtonpost.com/politics/2019/08/21/fact-checking-president-trumps-remarks-economy/ https://www.washingtonpost.com/politics/2019/08/21/fact-chec... Acknowledgement as the 'popular definition' by St Louis fed in 2009 which uses an even less generous definition than two quarters to define it: "“significant decline in economic activity spreading across the economy, lasting more than a few months.”" https://files.stlouisfed.org/files/htdocs/pageone-economics/uploads/newsletter/2009/200902.pdf https://files.stlouisfed.org/files/htdocs/pageone-economics/... Spin cycle: https://www.cnbc.com/2022/07/29/white-house-goes-on-offense-to-argue-that-the-us-is-not-in-a-recession-.html https://www.cnbc.com/2022/07/29/white-house-goes-on-offense-... https://www.foxbusiness.com/economy/recession-biden-yellen-democrats-want-change-definition-cant-change-facts https://www.foxbusiness.com/economy/recession-biden-yellen-d... https://fortune.com/2022/07/29/wikipedia-recession-definition-debate-partial-blocking-new-users/ https://fortune.com/2022/07/29/wikipedia-recession-definitio... https://dailycaller.com/2022/07/28/wikipedia-change-definition-recession/ https://dailycaller.com/2022/07/28/wikipedia-change-definiti...
      - JumpCrisscross 4y ago
        This is not an econometric definition. (To the degree it is, the definition contains a free variable regarding the length of the downturn.) Doubting federal statistics or the Fed balance sheet because the White House spins the definition of a downturn is like doubting relativity because Pluto isn't a planet.
        corbulo 4y ago
        You're saying WH Admins have no influence over economic data collection by the federal government?
        JumpCrisscross 4y ago

staticman2 4y ago

"They literally changed the definition of 'recession' for political convenience" They did no such thing.

corbulo 4y ago
Well then I don't think this dialogue is gonna go anywhere. Agree to disagree.
- aceofspades19 4y ago
  It would help if you explained what they changed it from and to and when maybe.
  - Vecr 4y ago
    Two consecutive quarters of negative real economic growth to... Something else. I'm not sure there ever was a new definition, just a denial of recession.
    - jessaustin 4y ago
      We're still pouring public resources into armaments manufacturers, some of whose products have reached or theoretically will reach the battle in Ukraine, so the redefinition project was a success!
  - corbulo 4y ago
    Widely agreed upon definition prior to 2022: https://www.forbes.com/sites/leonlabrecque/2019/03/25/what-is-a-recession-anyway/ https://www.forbes.com/sites/leonlabrecque/2019/03/25/what-i... https://www.nationalreview.com/corner/it-depends-what-the-definition-of-recession-is/ https://www.nationalreview.com/corner/it-depends-what-the-de... https://www.washingtonpost.com/politics/2019/08/21/fact-checking-president-trumps-remarks-economy/ https://www.washingtonpost.com/politics/2019/08/21/fact-chec... Acknowledgement as the 'popular definition' by St Louis fed in 2009 which uses an even less generous definition than two quarters to define it: "“significant decline in economic activity spreading across the economy, lasting more than a few months.”" https://files.stlouisfed.org/files/htdocs/pageone-economics/uploads/newsletter/2009/200902.pdf https://files.stlouisfed.org/files/htdocs/pageone-economics/... Spin cycle: https://www.cnbc.com/2022/07/29/white-house-goes-on-offense-to-argue-that-the-us-is-not-in-a-recession-.html https://www.cnbc.com/2022/07/29/white-house-goes-on-offense-... https://www.foxbusiness.com/economy/recession-biden-yellen-democrats-want-change-definition-cant-change-facts https://www.foxbusiness.com/economy/recession-biden-yellen-d... https://fortune.com/2022/07/29/wikipedia-recession-definition-debate-partial-blocking-new-users/ https://fortune.com/2022/07/29/wikipedia-recession-definitio... https://dailycaller.com/2022/07/28/wikipedia-change-definition-recession/ https://dailycaller.com/2022/07/28/wikipedia-change-definiti...
    - JumpCrisscross 4y ago
      This is not an econometric definition. (To the degree it is, the definition contains a free variable regarding the length of the downturn.) Doubting federal statistics or the Fed balance sheet because the White House spins the definition of a downturn is like doubting relativity because Pluto isn't a planet.
      - corbulo 4y ago
        You're saying WH Admins have no influence over economic data collection by the federal government?
        JumpCrisscross 4y ago