House Speaker Nancy Pelosi (D-CA) once described two quarters of economic contraction as the “technical definition” of recession in 2008, despite Democrats now downplaying negative economic growth under President Joe Biden’s leadership.
“And while they may have rescued the second quarter from a technical definition of recession, the fact is that we are now in the third quarter and we need another stimulus package,” Pelosi said in July 2008:
Nancy Pelosi in July 2008: The “technical definition of recession” is two quarters of negative growth pic.twitter.com/JNhzNbgTXa
— RNC Research (@RNCResearch) July 29, 2022
This flashback comes after Thursday’s reporting that U.S. gross domestic product (GDP) will contract by 0.9 percent in the second quarter of the year, following the economy’s contraction of 1.6 percent in the second quarter of the year. first quarter. Two consecutive quarters of contraction typically indicate a recession:
The economy shrank by 1.6 percent in the first quarter. Many Americans view two consecutive quarters of recession as a sign of a recession. However, economists rely on the determination of the National Bureau of Economic Research (NBER) to say when a recession will begin. The NBER has a more complex and subjective definition of recessions and usually does not declare a recession until several months after it starts.
However, Democrats continue to deny, including President Biden himself:
Joe Biden says it “doesn’t sound like a recession to him,” after which he flees without question.
The US economy has contracted in the past two quarters. pic.twitter.com/7381IYRkOZ
— RNC Research (@RNCResearch) July 28, 2022
As a result, Democrats have become the subject of ridicule for seemingly trying to change the definition of recession to better fit their political narrative:
The White House can try to redefine recession, but they can’t change how gloomy people feel about the failing Biden economy!
Two quarters of negative economic growth = recession (Biden’s advisers said this before today)
Biden economy = 28% approval (Quinnipiac)
— Kayleigh McEnany (@kayleighmcenany) July 28, 2022
Biden and the media do not want the US to fall into a recession. They do not “identify” with recession, just as some biological men do not “identify” as men. In the progressive universe, if you don’t feel like it’s a recession, it’s not a recession. Psychology transcends reality!
— Dinesh D’Souza (@DineshDSouza) July 28, 2022
Just a few words that liberals have redefined:
“mostly peaceful” https://t.co/XINob7S6in
— Christina Pushaw 🐊 🇺🇸 (@ChristinaPushaw) July 27, 2022
If you’re not worried about a recession, why change the definition of recession?
— Representative Jim Jordan (@Jim_Jordan) July 27, 2022
Any “journalist” or “expert” who calls it NOT a recession is lying to you.
— House Justice GOP (@JudiciaryGOP) July 28, 2022