Nancy Pelosi once called 2 quarters of contraction ‘technical definition of recession’


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:

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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:

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: