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Redefining – The New Pretzel Logic of the Left

4 19 62
01.08.2022

Definitions make order of our lives.

Imagine if the definitions of right and left or up and down could vary based on the whims of our leaders and their pet agendas or causes? This is especially true in science, where everything relies on a solid framework of truths and accepted terms.

Economics is one such science and has a host of definitions. One such term is “recession” and here is the definition from the appropriately named publication, The Economist:

Broadly speaking, a period of slow or negative economic GROWTH, usually accompanied by rising UNEMPLOYMENT. Economists have two more precise definitions of a recession. The first, which can be hard to prove, is when an economy is growing at less than its long-term trend rate of growth and has spare CAPACITY. The second is two consecutive quarters of falling GDP.

The International Monetary Fund has a similar definition, with some wiggle room.

There is no official definition of recession, but there is general recognition that the term refers to a period of decline in economic activity. Very short periods of decline are not considered recessions. Most commentators and analysts use, as a practical definition of recession, two consecutive quarters of decline in a country’s real (inflation-adjusted) gross domestic product (GDP) — the value of all goods and services a country produces.

Recession can have a qualitative and quantitative definition, the former being a loosey-goosey “period of decline” or “period of negative growth,” the latter a clear numeric way to define it, specifically two consecutive quarters of declining GDP.

That is like saying a blizzard is when it’s snowing hard, despite there being an actual definition that is specific and quantifiable for a blizzard, not simply a bad snowstorm in the eye of the beholder. Or saying the winner of the baseball game is the team that played better, which is subjective, rather than the objective measure of which team scored more runs.

Based on the GDP number released last week, by the conventional quantitative measure of two consecutive quarters of negative GDP, we are officially in a recession. Yet the White House and their media fanboys and fangirls are now trying to redefine recession, ignoring the quantitative definition used for more than half a century.

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How convenient. The Biden administration is presiding over the worst economy that most Americans ever lived through, with true inflation, as in food and energy costs, pushing 20 percent, along with a shrinking economy. There is a term for this, stagflation, that hasn’t been uttered since the Carter presidency in the late 1970s.

President Biden and his handlers are trying to avoid that label being attached to their regime. Especially ahead of the midterm elections. How? By simply denying the obvious. Treasury Secretary Janet Yellen said: “This is not an economy in recession.” Instead, she says, “We’re in a period of transition.” Remember when she said inflation would be “transitory”?

White House advisor Brian Deese won’t use that dreaded ‘R’ word either, declaring that the U.S. economy is in a “period of transition”. Instead of stagflation, he claims America is now in, “a period of stable and resilient growth.” The administration must have conducted focus groups who much preferred “transition” to........

© American Thinker


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