Recession Thread

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And if you try to talk about Biden’s Recession, er, Dear Leader’s Glorious Transition, Facebook has some harsh words for you.

Two consecutive quarters of negative growth is the standard definition of a recession, and Phillip Magness, the research and education director at the American Institute for Economic Research, posted on Facebook a commentary about the country now being in a recession.

The post - which is no longer visible - was marked by Facebook’s fact checkers as being misleading.

Facebook is now ‘fact checking’ anyone who questions the White House’s word-games about the definition of a recession.’

From his WSJ piece,

There is no federal statute that appoints the NBER as the official arbiter of recessions. Quite the contrary, the federal government has historically followed the conventional textbook definition. The Gramm-Rudman-Hollings Act of 1985, which attempted to rein in the deficit by triggering mandatory sequestrations in federal agencies, introduced a recessionary escape clause for tough economic times. If the Congressional Budget Office projected a recession, Congress could fast-track a vote to suspend the sequestrations. The law defined a recession as a period when “real economic growth is projected or estimated to be less than zero with respect to each of any two consecutive quarters.” The CBO could also trigger a suspension for “low growth” if the change in GDP dropped below 1% for two quarters.

Meanwhile, the Ministry of Truth says it still won’t be a Biden Recession when the GDP keeps falling either.

‘Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession.’

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