Biden Regime Attempts to Change Definition of ‘Recession’ (VIDEOS)

The economy under the Biden Regime is in shambles.

While it’s clear that the United States has entered a recession, Biden Administration officials are trying to run cover for the White House resident.

Instead of admitting the country has hit a recession, Democrats say ‘it’s a transition.’

Apparently, what once constituted a recession, two continuous quarters of negative GDP growth, somehow doesn’t anymore.

Bracing for impact: Even if Thursday's GDP report shows a second consecutive quarter of negative growth, you won't hear the Biden admin using the R-word.

The Council of Economic Advisers is redefining what a recession is…🤔https://t.co/HHBYJKqP5V pic.twitter.com/gecR93vPPj

— Jacqui Heinrich (@JacquiHeinrich) July 24, 2022

Good morning. We have been in a recession since at least July. Dishonest word spinning from the White House doesn’t change consecutive and negative GDP. It also doesn’t change the painful situation of everyday Americans, caused by Biden’s war on energy.

— Katie Pavlich (@KatiePavlich) July 25, 2022

WATCH:

REPORTER: “Two negative quarters, two contracting quarters, means that the economy is in a recession. Do you believe that?”

BIDEN ADVISOR GENE SPERLING: “That is not the actual definition of a recession. It is a significant contractionary period over a few months.” pic.twitter.com/5UFiyspw4D

— RNC Research (@RNCResearch) July 25, 2022

Biden economic advisor Jared Bernstein: “I would really object to this kind of semantic claim … the idea that two quarters of negative GDP growth is a technical definition of a recession is wrong”pic.twitter.com/4AcVyILrae

— RNC Research (@RNCResearch) July 25, 2022

However, that wasn’t the case under President Trump:

In 2019, now-Biden economic advisor Jared Bernstein defined a recession as GDP “crossing zero.”

In the first quarter of 2022, GDP was -1.6%. pic.twitter.com/ngZsN7H0gM

— RNC Research (@RNCResearch) July 25, 2022

But it’s not a recession now.

It’s a ‘transition.’

BIDEN: "We're not gonna be in a recession" pic.twitter.com/3uec0oLz1Z

— RNC Research (@RNCResearch) July 25, 2022

"What is exactly the White House's definition of a recession?"

KARINE JEAN-PIERRE: "I'm not going to define it from here" pic.twitter.com/GNteaetb0V

— RNC Research (@RNCResearch) July 25, 2022

Janet:
"A common definition of recession is two negative quarters of GDP growth, but I'm officially changing that definition. A recession will now be recognized as SIX quarters of negative growth, or ANY quarter during which a Republican President is in office.

— Mark Villano (@MarkVillano2) July 24, 2022

Biden economic advisor Brian Deese: “We are seeing a slowing [economy], that is not only expected but necessary, as we operate through this transition.” pic.twitter.com/9wiJH8NP4Y

— RNC Research (@RNCResearch) July 25, 2022

Biden economic advisor Jared Bernstein says the energy “transition” requires an “aggressive play” to phase out oil and gas pic.twitter.com/UddGicsX3m

— RNC Research (@RNCResearch) July 25, 2022

Siri, what is the definition of a recession? pic.twitter.com/xMqebyT08D

— Tommy Pigott (@TommyPigott) July 25, 2022

Surprisingly, even CNN blasted the Biden Administration for attempting to change the definition of recession.

Amid fears of recession, CNN’s Kasie Hunt slams the Biden administration for denying the definition of a recession:

“You can’t fake this!” pic.twitter.com/gGriut3as8

— RNC Research (@RNCResearch) July 26, 2022

From The White House:

What is a recession? While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle. Instead, both official determinations of recessions and economists’ assessment of economic activity are based on a holistic look at the data—including the labor market, consumer and business spending, industrial production, and incomes. Based on these data, it is unlikely that the decline in GDP in the first quarter of this year—even if followed by another GDP decline in the second quarter—indicates a recession.

The National Bureau of Economic Research (NBER) Business Cycle Dating Committee—the official recession scorekeeper—defines a recession as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” The variables the committee typically tracks include real personal income minus government transfers, employment, various forms of real consumer spending, and industrial production. Notably, there are no fixed rules or thresholds that trigger a determination of decline, although the committee does note that in recent decades, they have given more weight to real personal income less transfers and payroll employment.

Also, because the committee depends on government statistics that are reported at various lags, it cannot officially designate a recession until after it starts.[1] So how might the NBER committee assess the health of the economy?