https://issuesinsights.com/2022/07/29/defining-recessions-down-bidens-attempt-to-defy-reality-wont-end-well/
‘For the first time in a decade, our economy is in recession. It’s not official yet – the group that dates recessions doesn’t act until after the fact – but there’s little doubt that we’re in the midst of a downturn.”
That was economist Jared Bernstein back in December 2001. He went on: “The downturn is already taking a toll on those who traditionally bear the brunt of recessions, blue-collar workers in manufacturing, minorities, and other less-advantaged workers.”
That year saw only two non-consecutive quarters of GDP decline. The unemployment rate never got over 5.7%. And when the year was over, GDP had climbed 1%. But it’s still listed on the recession roster.
Today Bernstein, who sits on President Joe Biden’s Council of Economic Advisers, is trying to argue that, despite two consecutive quarters of a shrinking economy, we aren’t in a recession right now.
“What is a recession?” he and CEA chair Cecilia Rouse asked in a blog post. “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.”