House Speaker Nancy Pelosi (D-CA) once described two quarters of economic contraction as the “technical definition” of recession in 2008, despite Democrats now downplaying negative economic growth under President Joe Biden’s leadership.
“And so while they may have saved the second quarter from a technical definition of recession, the fact is, we are now into the third quarter and we need to have another stimulus package,” Pelosi said in July 2008:
Nancy Pelosi in July 2008: The “technical definition of recession” is two quarters of negative growth pic.twitter.com/JNhzNbgTXa
— RNC Research (@RNCResearch) July 29, 2022
This flashback emerges after Thursday’s reporting, showing U.S. Gross Domestic Product (GDP) shrinking by 0.9 percent in the second quarter of the year, which follows the economy contracting by 1.6 percent in the first quarter. Two consecutive quarters of contraction typically point to a recession:
The economy contracted by 1.6 percent in the first quarter. Many Americans consider two straight quarters of recession to be the marker of a recession. Economists, however, rely on the determination of the National Bureau of Economic Research (NBER) to say when a recession starts. The NBER has a more complex and subjective definition of recessions and typically does not declare a recession until several months after it has begun.
However, Democrats remain in denial, including President Biden himself:
Joe Biden says it "doesn't sound like a recession to" him, then he flees without taking any questions.
The U.S. economy shrank the last two quarters. pic.twitter.com/7381IYRkOZ
— RNC Research (@RNCResearch) July 28, 2022
As a result, Democrats have become subjects of mockery for seemingly attempting to change the definition of recession to better suit their political narrative:
The White House can try to redefine recession, but they can’t change how dismal people feel about the failing Biden economy!
Two quarters of negative economic growth = recession (Biden’s advisers said this prior to today)
Biden economy = 28% approval (Quinnipiac)
— Kayleigh McEnany (@kayleighmcenany) July 28, 2022
Biden and the media don’t want the US to be in a recession. They don’t “identify” with recession, just as some biological males don’t “identify” as males. In the progressive universe, if you’ve don’t feel like it’s a recession, it’s not a recession. Psychology overrides reality!
— Dinesh D'Souza (@DineshDSouza) July 28, 2022
Just a few words that liberals have redefined:
"mostly peaceful" https://t.co/XINob7S6in
— Christina Pushaw 🐊 🇺🇸 (@ChristinaPushaw) July 27, 2022
If you’re not worried about a recession, why change the definition of recession?
— Rep. Jim Jordan (@Jim_Jordan) July 27, 2022
Any “journalist” or “pundit” NOT calling it a recession is lying to you.
— House Judiciary GOP (@JudiciaryGOP) July 28, 2022