Political Quotes

“On Thursday, the Bureau of Economic Analysis will release its second quarter gross domestic product numbers, an overall measure of our country's economic output from April through June. For decades, a ``recession'' has been defined as two consecutive quarters of negative economic growth. Therefore, if Thursday's second quarter GDP number is in the negative, then by definition, the United States economy will be in a recession. However, that won't stop the White House from doing everything it can to deny the obvious. In fact, the White House Council of Economic Advisers is actively trying to change the definition of the word ``recession.'' In a blog published on July 21 titled: ``How Do Economists Determine Whether the Economy is in a Recession?'' the White House argues that ``it is unlikely that the decline in GDP in the first quarter of this year--even if followed by another GDP decline in the second quarter-- indicates a recession.'' I hope those students who will be taking economics 101 in the fall are taking notes because the Biden administration is attempting to change the decades-old answers to the test questions for purely political purposes. Instead of President Biden and his administration attempting to bait and switch the public on the definition of a recession, they should change course on their policies that are crushing our economy and creating significant pain for millions of Americans.…”