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The government will never again acknowledge a recession because of the political implications. This is the world we live in now.
by bigtex88 2y ago
The government will never again acknowledge a recession because of the political implications. This is the world we live in now.
- mywittyname 2y agoRecession has a clear cut, metric-based formal definition. Governments acknowledge them when they happen because it's a black and white situation. GPD growth is good, personal consumption is up, and businesses are continuing their extremely large investments in durable goods. The economy is, by the numbers, doing extremely well. Inflation is down to normal. Even economic sentiment is okay. People rate their personal financial situation as roughly as good as it was pre-pandemic as well.
- bigtex88 2y agoYour points are orthogonal to my original point. We live in a world where the governments will never acknowledge bad news because of how our media environment operates. The NBRE even basically changed their own definition of a recession two years ago when we clearly had two negative consecutive quarters of economic growth yet somehow we miraculously we not in a recession.