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So Are We Going Back to the Original Definition of a Recession? 🤔
Do you remember in 2022 when the U.S. experienced consecutive quarters of negative GDP growth, after which the Biden administration decided to throw out the definition of recession used for 50+ years and found in nearly every Economics 101 textbook, and the media just went along with it? Here’s a refresher if you need it:
Link: https://www.youtube.com/watch?v=Qrjykk3U4fs
Now that Trump is back in office, are they going to back to the gaslighting standard operating procedure and deny they ever changed the definition, with Google and other tech minions dutifully burying the original videos?
Almost every economic slowdown in American history has been to an extent a result of panic and loss of confidence. If consumers are worried, they buy less. If banks and investors are worried, they spend less on capital investments. This all leads to a self-fulfilling prophecy. Mainstream Media desperately want Trump to fail, so they’re pumping up the fear as much as possible.
GDP is made up of four components: consumer spending, investment, government spending, and net exports. So, with the media trying to destroy the first two components, and DOGE likely cutting back the government spending somewhat, there’s a good chance we may on paper experience a quarter or two of negative GDP growth. We don’t yet know the tariff effects on net exports, but given our massive trade deficits, my guess is the tariffs will be a net positive.
So, if the numbers come out with negative quarters of GDP growth, are we back to the original definition of recession? And if not, do we have to pick yet another definition, or maybe change the definition of GDP? Maybe doublespeak should be added to language curricula in schools. 🤔
Flashback: What is a Recession? Wikipedia Can’t Decide
Blog Link: https://educationdojo.com/study-break/2025/03/03-28-education-dojo-daily/#random_thoughts
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