Last Updated on July 28, 2022
According to most longstanding definitions of a recession, the U.S. has officially entered one after a second consecutive quarter of GDP decline. Despite the longstanding definition, the Biden Administration and its corporate media allies have attempted to argue that the U.S. is not yet in a recession.
After quarter one saw a GDP decline of -1.6 percent, quarter two GDP figures have now been released. The second quarter saw a drop of -0.9 percent, which officially lands the United States in recession territory based on the accepted definition perpetrated by modern economics.
Despite the Biden Administration’s attempts to redefine, every single period of two-straight quarters of negative growth in modern history has been declared a recession.
A number of corporate media outlets have followed the administration’s lead in attempting to explain how this particular decline does not represent a recession. Paul Krugman of the New York Times attempted to explain away the downturn while the Associated Press said that “recession fears” have been heightened.
“By one common definition — the economy shrinking for consecutive quarters — the U.S. economy is on the cusp of a recession,” reads an AP headline. “Yet that definition isn’t the one that counts.”
By one common definition — the economy shrinking for consecutive quarters — the U.S. economy is on the cusp of a recession.
Yet that definition isn't the one that counts. https://t.co/Bw1am1viQ4
— The Associated Press (@AP) July 26, 2022
Both outlets gleefully pinned a recession on former President Trump after COVID shutdowns led to a massive decline in economic output.
Read the full post at National File.