Several news outlets are warming up to the Biden administration's efforts to change the definition of a recession ahead of potentially damning GDP data set to be released.
Fox News White House correspondent Peter Doocy has the latest on the state of the American economy on 'Special Report.'outlets are beginning to fall in line with the Biden administration's spin on redefining what a recession is ahead of the release of potentially devastating economic stats.
U.S. Treasury Secretary Janet Yellen insisted on Sunday that two quarters of negative GDP growth is not the "technical definition" of a recession., which he said on CNN involves a"much broader spectrum of data points," and dismissed having"technical debates about backward-looking data.
New York Times economic reporter Ben Casselman insisted it's"hard to say" if the country is facing a recession regardless of what Thursday's numbers reveal. Like the White House, Casselman referred to NBER's Business Cycle Dating Committee, something he says"tries to be definitive" and defended its lengthy timeline to determine if a recession occurred, writing,"even if we are already in a recession, we might not know it — or, at least, might not have official confirmation of it — until next year."
After a Twitter user pointed out his prior language, he wrote,"I did. Should have elaborated further on the 'technical' bit. Mea culpa."
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