You know it is going to be bad when the Whitehouse tries to change the definition of a Recession
A recession has long been defined as two consecutive quarters of negative GDP growth.
Taking Gaslighting to New Heights the White House Changes the Definition of “Recession”
The GDP in the first quarter of 2022 came in at -1.6 percent. At the time, the mainstream generally blew it off, asserting that it was just an outlier.
Now, it’s becoming increasingly clear we’re heading for the second straight negative GDP print. The Atlanta Fed projects another -1.6% decline in Q2. And there is plenty of data up there to back the projection up.
That would mean we’re in a recession now, and we have been all year.
As Peter Schiff said in a podcast, “This should be obvious, but people have been in denial about the weakness in the economy. So, as all this weak economic data continues to come out, more and more of the recession deniers are going to have to throw in the towel and accept reality.”
But apparently, the Biden administration has no plans to accept reality. Instead, it wants to alter reality.
The White House propaganda team is working overtime to change the definition of a recession. If it can convince everybody that two consecutive quarters of negative GDP growth isn’t the definition of a recession, it has plausible deniability that the economy is currently in a recession.
https://schiffgold.com/commentaries/...-of-recession/