3 ms·
Historically, both politicians and yhe media considered two consecutive quarters of declining GDP. The Biden administration changed that, basically arguing that
by _heimdall 8mo ago
Historically, both politicians and yhe media considered two consecutive quarters of declining GDP. The Biden administration changed that, basically arguing that the definition is too narrow and they preferred to use a more broad set of indicators that just so happened to avoid calling a recession when they wanted to claim a strong economy.
- IAmBroom 7mo agoThe Biden administration argued for a change. They did not convince others. It's like saying "Trump renamed the Gulf of Mexico" - no one but loyalists bought in. Economists continue to use the same definition as before, despite your attempt to blame Biden.