The short answer is no — but that doesn’t mean we’re not in a recession, nor does it mean the White House hasn’t been doing all it can to get out in front of bad economic news. Let's dive in. ⬇️
That’s the crux of what critics of U.S. President Joe Biden alleged in July 2022 social media posts and commentary claiming the White House “changed the definition” of what a recession is.in a Twitter post, “Apparently The White House is changing the definition of recession this week so we can pretend that we’re not in one.”
. “Reports Swirling The White House will be CHANGING THE DEFINITION OF RECESSION as a second quarter of negative growth looms..”The short answer is no — but that doesn’t mean we’re not in a recession, nor does it mean the White House hasn’t been doing all it can to get out in front of bad economic news. We will explain.
Those criteria are determined and assessed by a committee that is part of the National Bureau of Economic Research , an independent nonprofit organization. The NBER’s Business Cycle Dating Committee is made up of eight elite economists who weigh a number of factors — not just whether the economy shrank for two consecutive fiscal quarters — and act as the official arbiters who make the call on whether or not there’s a recession.
against “recession” talk ahead of the November 2022 midterm elections, emphasizing factors like a strong employment rate over two consecutive quarters of GDP contraction.On July 21, 2022, the White House published atitled, “How Do Economists Determine Whether the Economy Is in a Recession?” The post, in short, challenged the idea maintained by “some” that a recession is defined by two consecutive fiscal quarters of a shrinking economy.
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