• basmati@lemmus.org
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    1 month ago

    When the Biden admin had to change the definition of recession to avoid admitting were in a recession, we’re probabtin a recession.

    • Kalkaline @leminal.space
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      1 month ago

      What Is a Recession? A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth indicate a recession. However, more complex formulas are also used to determine recessions. Current GDP data

      • basmati@lemmus.org
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        1 month ago

        GDP, according to the economist that invented GDP, is not a measure of economic health

        • Kalkaline @leminal.space
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          1 month ago

          That’s not the point, the point is we’re not in a recession as economists define recession (not how Joe Biden defines it).

          • basmati@lemmus.org
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            1 month ago

            That’s nice dear, reality isn’t what the government says it is, and has never been anywhere near anything an economist has ever said.