Kill me now! Hello, moronic MSM pundits! Two consecutive quarters of negative GDP growth is not — I repeat, not! — “technically” a recession, but that’s all I keep hearing from no-nothing MSM anchors expecting today’s GDP number to be flat or slightly down. Since the first quarter of 2022 had negative GDP growth, they’re just waiting with bated breath for the second quarter to be negative as well so they can be the first to declare “we’re in a recession.” Look, f***tards! There is only one “technical” definition of a recession, and that is what the National Bureau of Economic Research declares to be a recession. As Vox explains, “Recessions in the US are officially declared by a committee of eight economists at the National Bureau of Economic Research (NBER).”
And the NBER defines a recession as, “the period between a peak of economic activity and its subsequent trough, or lowest point. … The NBER’s definition emphasizes that a recession involves a significant decline in economic activity that is spread across the economy and lasts more than a few months. In our interpretation of this definition, we treat the three criteria—depth, diffusion, and duration—as somewhat interchangeable. That is, while each criterion needs to be met individually to some degree, extreme conditions revealed by one criterion may partially offset weaker indications from another.” They explain more on their website, but nowhere in their criteria for defining a recession do they mention two back-to-back quarters of negative GDP growth. As much as the MSM wants to torpedo the economy by wishing and reporting it into a recession, they need to stop “technically” defining economic business cycles because they’re wrong. And don’t get me started on what the man-on-the-street thinks. They’re even more clueless than the MSM. Welcome to stupid America, where most people don’t understand economics but everyone thinks they’re an expert because gas prices!