Biden’s America has included mass inflation, record high gas prices, along with a string of other economic struggles which has caused the average American concern of a recession. As more media question the White House about the current status of the economy, it seems they are trying to not just deny a recession, but change the definition of what that is completely.
Jared Bernstein, Biden’s Economic Advisor, was on CNN Monday attempting to convince viewers that the last two quarters of negative GDP does not mean a recession.
“The National Bureau of Economic Research has a group called the Business Cycle Dating Committee…they are the group that decides if we are in a recession or not. And they do so in hindsight because the data comes in with a bit of a lag. Now to help people understand this we wrote a blog we posted on the Council of Economic Advisors website…we talk about the fact that in the first two quarters of the year, the first half of the year, where we have data, if you look at the variables that the Business Cycle Dating Committee uses they tend to pretty good..”
Tony Katz has a couple issues with Bernstein’s answer/non-answer.
“You want to talk about the National Bureau Economic of Economic Research? That is a group of elitist economists…when we were in a recession in 2008/2009 they came to it a year after everyone knew it. They decided we were in a recession a year after we had already been in the recession.”
Excerpt from official White House blog.
In regards to the blog post Bernstein referenced, the Economic Advisor team is clearly creating a new definition for “recession,” just in case there is one.
“This is about creating new definitions. This is about gaslighting the American people. Change the definition, push it off to some agency you never heard of a day in your life-who isn’t even an agency, and tell people how great things are. And when they complain, just call them dirty racist Republicans and move on.”
Biden was asked if he was nervous about the new GDP numbers coming out Thursday. Again, the president and his team seem adamant that everything is fine.
“We’re not going to be in a recession in my view…my hope is we go from this rapid growth to steady growth. So we’ll see some coming down, but I don’t think we are, god willing, I don’t think we’ll see a recession.”
