In preparation for the close of the year’s second economic quarter, the White House Council of Economic Advisers has already started the spin: We’re not in a recession if we just redefine what a recession is.
“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,” the supposedly nonpartisan group said in a blog post on Thursday.
It’s doubtful the verbal smoke and mirrors will persuade the average Americans whose grocery bills keep growing as fast as their gas tanks empty. A recession is a sustained downturn in economic activity, and many Americans can feel it without knowing what the Q2 numbers are.
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