The classical indicator to determine a recession has been two consecutive quarters in which there is a drop in gross domestic product (GDP). In fact, that happened a couple of years ago. In response, the Biden White House said this indicator cannot be used to define a recession. They were thinking about the effects on the 2022 congressional elections.
Calling it a recession was cancelled for political reasons, even though it was taking place in actuality.
Now, some economic experts have analyzed the data once again. They concluded that we have been in recession since 2022.
The White House spews out lies daily. TC, you are correct that we were in a recession.
These guys I cite, Fred, claim we are still in one using the methodology they choose to employ.
Antoni makes a good case. Even the most stolid agencies of government like the BLS have shown signs of political manipulation of their data reports. Over time, governments routinely do a lot of lying.
It is hardly indicative of a healthy economy that average real wage is slight lower than 4 years ago (even with the squirrely govt CPI–so lower yet in reality), and that the government is having to borrow a trillion dollars to pay it bills every 100 days.
I agree, Healey. One thing the authors of the report dramatize is the impact of inflation. While the official number is in the range of 20-25 percent over the last four years, in fact, the real rate is 40 percent for most of the expenses people have according to the report. That somehow has to factor into the equation.