changing definitions

junior1

Well-Known Member
May 29, 2001
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Rumors on some business sites is that next weeks' GDP number will be -1.6% for the second quarter. Since we had negative growth in 1st and it looks like in 2nd, that's the "textbook" definition of recession.

Of course, the administration has been saying for the last 3 months that there wasn't going to be a recession, members of the NEC are going on the talk circuit revising the definition of recession and downplaying the "textbook" version. Goebbels would be proud.
 

nitanee123

Well-Known Member
Nov 27, 2001
5,878
2,545
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Rumors on some business sites is that next weeks' GDP number will be -1.6% for the second quarter. Since we had negative growth in 1st and it looks like in 2nd, that's the "textbook" definition of recession.

Of course, the administration has been saying for the last 3 months that there wasn't going to be a recession, members of the NEC are going on the talk circuit revising the definition of recession and downplaying the "textbook" version. Goebbels would be proud.

But the unemployment rate!
 
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