View Full Version : "two consecutive quarters of negative growth"
Mike Mercury
07-28-2022, 12:53pm
Recession 'typically defined as two consecutive quarters of declining growth,' Biden economic adviser wrote in 2019
https://www.foxbusiness.com/politics/biden-economic-adviser-previously-defined-recession-two-consecutive-quarters-negative-growth
A top member of President Biden's economic team previously acknowledged the definition of a recession was two consecutive quarters of negative growth.
"One percent growth isn’t a recession, which is typically defined as two consecutive quarters of declining growth," Jared Bernstein, a member of the White House Council of Economic Advisers (CEA), wrote in a column for Foreign Affairs magazine in September 2019.
U.S. economic growth fell 0.9% during the second quarter, covering April through June, the Department of Commerce's advanced gross domestic product (GDP) estimate released Thursday showed. The report marks the second consecutive quarter of declining growth, meaning the U.S. has entered a technical recession, according to Bernstein's 2019 comments.
However, Bernstein and other White House officials have pushed back on that same technical definition in recent days in anticipation of the Commerce Department data release. Biden's economic advisers have instead pointed to the definition outlined by the National Bureau of Economic Research (NBER), a nonpartisan economic analysis group.
The NBER broadly defines a recession as a "significant decline in economic activity that is spread across the economy and that lasts more than a few months." In the past, the group has waited several months to officially declare that a recession has occurred.
"Based on consumer spending, based on payroll employment, based on where the unemployment rate is, I think we can confidently say that these numbers that we’re posting are very much inconsistent with a recessionary call, given where we are right now," Bernstein told reporters on July 18.
In addition, Biden predicted the U.S. was "not going to be in a recession" on Monday, the CEA released a blog post saying the technical definition is "neither the official definition nor the way economists evaluate the state of the business cycle," and the Treasury Department published a report saying data indicated the economy was strong.
On Thursday, Biden blamed the declining growth on the Federal Reserve's attempt to slow inflation through a series of interest rate hikes, in a statement following the Commerce Department report. The president didn't mention whether he believed the U.S. was currently in a recession.
"Coming off of last year’s historic economic growth – and regaining all the private sector jobs lost during the pandemic crisis – it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation," Biden said. "But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure."
The White House didn't immediately respond to a request for comment.
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Mike Mercury
07-28-2022, 1:05pm
meanwhile... ABC, CBS, NBC, MSN, CNN desperately attempting to redefine the word "recession"; also ordering more Jan 6 coverage.
Rodnok1
07-28-2022, 1:07pm
They put their heads any further in the sand they'll pop out in China... Recession hit a year ago.
They absolutely know if they admit a recession is ongoing everyone of them doesn't have a chance next election.
https://media.patriots.win/post/LmjcgKOgi4lJ.jpeg
These mf-ers are intentionally trying to break the middle class with spending, green policy, raising taxes, inflation, and stupid fking rules designed to transfer wealth.
The left thinks its cool, until not long from now they realize they are fked.
This current administration will lie about anything to not seem incompetent.
The green bullshit, build back better, etc is a fkin redo of 2009. look for a hard recession any day now if they get their way.
DJ_Critterus
07-28-2022, 2:24pm
These mf-ers are intentionally trying to break the middle class with spending, green policy, raising taxes, inflation, and stupid fking rules designed to transfer wealth.
The left thinks its cool, until not long from now they realize they are fked.
This current administration will lie about anything to not seem incompetent.
The green bullshit, build back better, etc is a fkin redo of 2009. look for a hard recession any day now if they get their way.
Doesn't help that Manchin said he'd support new tax increases.
Doesn't help that Manchin said he'd support new tax increases.
Manchin is a douchebag. He likes playing deal maker.
92% of Federal employees who make political contributions do so to Democrats. Until that is fixed, this country doesn't have a chance at survival. We will end up as a satellite to China.
92% of Federal employees who make political contributions do so to Democrats. Until that is fixed, this country doesn't have a chance at survival. We will end up as a satellite to China.
Exactly!
04 commemorative
07-28-2022, 5:23pm
I knew he would flip soon
https://media.patriots.win/post/loOeaFRtaC4c.png
Burro (He/Haw)
07-28-2022, 8:04pm
Realturds are even bigger douchebags, its like they play financial advisors but in reality they're nothing but ****ing morons.
Whelp, here we go bitches. :Jeff '79:
dvarapala
07-28-2022, 11:55pm
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Olustee bus
07-29-2022, 1:46am
92% of Federal employees who make political contributions do so to Democrats. Until that is fixed, this country doesn't have a chance at survival. We will end up as a satellite to China.
They have no concern of which way the economy is going.
Jughead
07-29-2022, 5:56am
Manchin is a douchebag. He likes playing deal maker.
How many millions did he pocket on this deal? He got bought off and he got the pipeline he wanted.
Don't say the "R" word - it's racist.
https://media.patriots.win/post/BqeUwGEfEX1k.jpeg
92% of Federal employees who make political contributions do so to Democrats. Until that is fixed, this country doesn't have a chance at survival. We will end up as a satellite to China.
And zero value to the economy. The actual problem isn’t who they support politically, it’s that they are employed by an entity that exists to consume wealth, not produce it.
Republicans almost always resist larger government until they gain control, then we get “space force” and other nonsense. Two sides of the same coin. :yesnod:
Edit: Another point worth considering was which party resisted or paved the way to the transfer of our manufacturing base to Communist China?
They have no concern of which way the economy is going.
All they want is higher pay, less work and more benefits for themselves, and continued growth of their employer. It is the one sector where worker efficiency and innovation is discouraged.
Edit: Another point worth considering was which party resisted or paved the way to the transfer of our manufacturing base to Communist China?
Although it is easy to point the finger at the Democrat party for this, in reality both Bushes went out of their way to facilitate this. :yesnod:
It's the same as illegal immigration. EVERY President from Clinton through Trump, ran with a major plank of their platform being improved border security. Trump was the only one who tried to do something about it, and look what it got him. For reasons I don't understand, BOTH parties want the border unsecured.
Although it is easy to point the finger at the Democrat party for this, in reality both Bushes went out of their way to facilitate this. :yesnod:
It's the same as illegal immigration. EVERY President from Clinton through Trump, ran with a major plank of their platform being improved border security. Trump was the only one who tried to do something about it, and look what it got him. For reasons I don't understand, BOTH parties want the border unsecured.
I think Trump was in on it too. Granted, he spoke a lot of Truth but it never really translated into draining the swamp (big government). Nothing but failure, at least in respect to MAGA. Last I saw, he was still pushing the clot shot and he's on record demanding more inflation and bigger government.
When it's looked at from a monetary perspective, the whole makes sense in that we are operating under a debt based (dollars are borrowed into existence) system. The business cycle is actually a credit cycle which creates the boom - bust economic pattern we experience. In this respect, the central banks are running the show, not the political class, although the MSM and system in general, pretend otherwise.
From my perspective we are approaching the end of what Goebbels called "The big lie":
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” - J Goebbels
Inflation is exposing people to the Truth. The lies cannot be maintained any longer and the absurdity of the nonsense they expect us to believe is growing exponentially.
“Whom the gods would destroy they first make mad.” In the context of Antigone what was meant is that evil appears as good to those whom “the gods” will lead to destruction. :yesnod:
Yadkin
07-29-2022, 11:35am
Although it is easy to point the finger at the Democrat party for this, in reality both Bushes went out of their way to facilitate this. :yesnod:
It's the same as illegal immigration. EVERY President from Clinton through Trump, ran with a major plank of their platform being improved border security. Trump was the only one who tried to do something about it, and look what it got him. For reasons I don't understand, BOTH parties want the border unsecured.
Democrats want voters. Republicans lack balls.
sublime1996525
07-29-2022, 1:04pm
92% of Federal employees who make political contributions do so to Democrats. Until that is fixed, this country doesn't have a chance at survival. We will end up as a satellite to China.
Link that shows 92%?
ratflinger
07-29-2022, 1:10pm
https://media.patriots.win/post/LmjcgKOgi4lJ.jpeg
I feel so smart now :seasix:
Look out Yadkin & Steve_R :dance:
Link that shows 92%?
https://www.opensecrets.org/orgs/american-federation-of-government-employees/totals?id=D000000304
Saw a clip of CNN last night on FOX where the dems are saying that 'if you don't count the nutty stuff for the past 6 months, Biden is doing a good job.'
With a straight face.
That's like saying if you don't count the landing, the Hindenburg had an excellent flight.
And 50% of the population believes this??? Unreal.
I feel so smart now :seasix:
Look out Yadkin & Steve_R :dance:
In over 60 years of life experience, I have to disagree with 'The Pyramid of Intellect'.
Some of the dumbest, most clueless, and most helpless people I've ever met have advanced degrees.
Some of the smartest, kindest, and most innovative never even graduated High School.
Academia is a big part of why our country is so ****ed up with entitlement issues and socialism.
Rodnok1
07-30-2022, 9:34am
Saw a clip where they said it's only a recession if you think it is or will be.. Wait wut...
Pull yer heads out of your asses just once in a while.
Saw a clip where they said it's only a recession if you think it is or will be.. Wait wut...
Pull yer heads out of your asses just once in a while.
I saw that too, and immediately thought of Bill Clinton stating what your definition of 'is' is.
The libs like changing words and definitions. Bloody riots are 'mostly peaceful protests'.
Homeless drug addicts are 'temporarily without housing'. Illegal killers are 'undocumented persons'.
And on and on. And the fact that over half of our country buys into this shit
and keeps these clowns in office is maddening. :seasix:
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