I mean, the problem wouldn't be any different if growth was 0.1 instead of -0.1, so it wouldn't be a definitional recession. So the problem would still have existed whether the term "recession" applies or not. The emphasis on whether or not we are in a "recession" was always completely misplaced.
The reality is that whether we saw negative growth or not, GDP is clearly contracting.
Which is not a surprise. And not only is it not a surprise, it's the intended effect of the inflation fighting efforts being undertaken by the Fed.
The Fed, or the government, has very little to no control over global supply chain issues, Russia going on a dumb war, and China shutting down massive parts of the country on the whiff of COVID, so the Fed is using the only tool it has available to it.
Which is completely slowing down the economy. Why are we surprised that the economy is slowing down when that's what we're trying to do.
Yes, the problems with the economy remain the same whether we attach the label "recession" or not. Yes, job growth is a counter-indicator, an unusual feature of an economy having the problems we are having.
However, there are separate problems with the government scrambling to focus on messaging/spin instead of the actual issues, and the magnifying problem of the whole media complex jumping to toe the party line.
Current statements differ dramatically from previous comments, such as two years ago, when global events also caused a downturn, or even months ago, before the white house started messaging "other factors".
For what it's worth, 2 years ago, NPR stated, 'The standard definition of a recession is "a decline in economic activity that lasts more than a few months.' while noting the covid effects on the economy were broad and deep enough to declare a recession earlier than usual. https://www.npr.org/sections/coronavirus-live-updates/2020/0...
Yes, let's get the economy going, but let's also have the press play their watchdog role, and not just be boosters of the administration.
asdajksah2123|3 years ago
The reality is that whether we saw negative growth or not, GDP is clearly contracting.
Which is not a surprise. And not only is it not a surprise, it's the intended effect of the inflation fighting efforts being undertaken by the Fed.
The Fed, or the government, has very little to no control over global supply chain issues, Russia going on a dumb war, and China shutting down massive parts of the country on the whiff of COVID, so the Fed is using the only tool it has available to it.
Which is completely slowing down the economy. Why are we surprised that the economy is slowing down when that's what we're trying to do.
kbutler|3 years ago
However, there are separate problems with the government scrambling to focus on messaging/spin instead of the actual issues, and the magnifying problem of the whole media complex jumping to toe the party line.
Current statements differ dramatically from previous comments, such as two years ago, when global events also caused a downturn, or even months ago, before the white house started messaging "other factors".
For what it's worth, 2 years ago, NPR stated, 'The standard definition of a recession is "a decline in economic activity that lasts more than a few months.' while noting the covid effects on the economy were broad and deep enough to declare a recession earlier than usual. https://www.npr.org/sections/coronavirus-live-updates/2020/0...
Yes, let's get the economy going, but let's also have the press play their watchdog role, and not just be boosters of the administration.
mc32|3 years ago
CodeWriter23|3 years ago