Call It Whatever You Want, The Economy Sucks

Call It Whatever You Want, The Economy Sucks

Earlier this week, I wrote about the ginned-up controversy over the true meaning of “recession.” Second-quarter GDP estimates are coming on Friday, and the Biden administration fears it will show two consecutive quarters of negative economic growth, the traditional definition of a “recession.”

Today, the compliant press did its thing. Paul Krugman, who not long ago was predicting a Biden Boom, asks, “Recession: What Does It Mean?” Two negative quarters of GDP growth are not, argues the columnist, “how recessions are defined; more important, it’s not how they should be defined.” Perhaps that’s true. One would take Krugman’s assertions more seriously, however, if he could point to a single instance in which two quarters of GDP contraction were not defined by the economists or the media — or him

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