By: Kevin D. Williamson – nationalreview.com – July 27, 2022
When is a recession not a recession? When it is bad for Democratic incumbents.
From time immemorial, the definition of “recession” in the financial press and the political conversation has been “two or more consecutive quarters of declining real GDP.” The Biden administration, fearing bad news in the near future, is trying to weasel away from that definition. More to the point, it is trying to persuade its friends in the media and in the bureaucracy to do the president’s weaseling for him.
“But but but!” come the predictable replies. “What about the National Bureau of Economic Research, huh? They use a different …
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