According to Forbes, a third and final estimate from the Bureau of Economic Analysis on Thursday confirmed the .6 percent gross domestic product shrinkage, which has economists predicting that economic slowdown will only continue. In July, the Biden Administration attempted to redefine the word "recession," offering several competing definitions to minimize the severity of the American financial landscape.
In late July, the White House published a blog detailing how the new definition of a recession was one that was "holisitic."
Soon after Biden said that he was confidant that "we're not going to be in a recession" and cited dubious employment numbers as his reasoning. He doubled down on those remarks into August.
Following the White House's redefinition, the Associated Press also released a new definition of "recession" at the end of July that was more in line with the Biden Administration's rhetoric.
Wikipedia did the same thing and then locked its page so no one could edit.
Wells Fargo senior economist Tim Quinlan has said that the working definition of a recession is two consecutive quarters of negative GDP growth.
The National Bureau of Economic Research defines a recession as "a significant decline in economic activity" lasting "more than a few months."
The news of a confirmed recession comes as the country under Joe Biden's leadership has faced consistent record high inflation, unprecedented supply chain shortages, citizens laden with record breaking debt.
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