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"What Senator Clinton has said is that of course economists have a technical definition of recession, which is two consecutive quarters of negative growth" Bri

"What Senator Clinton has said is that of course economists have a technical definition of recession, which is two consecutive quarters of negative growth" Brian Deese, 2008 "As Secretary Yellen said on Sunday, two negative quarters of GDP growth is not the technical definition of a recession" Brian Deese, 2022 Brian Deese, in 2022, was Joe Biden’s National Economic Council Director. That's not redefining it? Are you redefining redefine?

dragonwriter 3y ago
Senator Clinton, who was not and is not an economist, was simply wrong. Contrary to the “Hillary was right about everything” folks, that’s actually not an uncommon thing for her. > That's not redefining it? No, someone getting the definition wrong and someone else getting it right is not a redefinition.
DonsDiscountGas 3y ago
A) Many words have multiple definitions, different people may use different definitions at different times. Any sentence that starts with "the definition of..." implies a uniqueness which likely doesn't exist in natural language. B) Many people define recessions as you said, as two consecutive quarters of negative GDP growth. Deese 2008 was one, apparently, and Deese 2022 was not. C) The US commerce department started using the NBER to set recessions in the 1960s. > A definition of a recession commonly used in the media is two consecutive quarters of a shrinking gross domestic product (GDP). In contrast, the NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales" [1] So I guess Deese redefined what Deese thought (as people sometimes do over 14 years) but neither the NBER, nor economists at large, did any redefinition. [0] https://www.washingtonpost.com/us-policy/2022/07/27/who-decides-recession/ https://www.washingtonpost.com/us-policy/2022/07/27/who-deci... [1] https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Re...

dragonwriter 3y ago

Senator Clinton, who was not and is not an economist, was simply wrong. Contrary to the “Hillary was right about everything” folks, that’s actually not an uncommon thing for her. > That's not redefining it? No, someone getting the definition wrong and someone else getting it right is not a redefinition.

DonsDiscountGas 3y ago

A) Many words have multiple definitions, different people may use different definitions at different times. Any sentence that starts with "the definition of..." implies a uniqueness which likely doesn't exist in natural language. B) Many people define recessions as you said, as two consecutive quarters of negative GDP growth. Deese 2008 was one, apparently, and Deese 2022 was not. C) The US commerce department started using the NBER to set recessions in the 1960s. > A definition of a recession commonly used in the media is two consecutive quarters of a shrinking gross domestic product (GDP). In contrast, the NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales" [1] So I guess Deese redefined what Deese thought (as people sometimes do over 14 years) but neither the NBER, nor economists at large, did any redefinition. [0] https://www.washingtonpost.com/us-policy/2022/07/27/who-decides-recession/ https://www.washingtonpost.com/us-policy/2022/07/27/who-deci... [1] https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Re...