I’m replying to a thread about Biden arguing that GDP shouldn’t be the only indicator of economic health, but if we’re dogmatically looking at GPD, GDP is not in a classic “recession” territory.
What Is a Recession?
A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth indicate a recession. However, more complex formulas are also used to determine recessions.
Current GDP data
That’s the downside of the definition of a recession, 2 consecutive quarters of declining GDP when adjusted for inflation. The problem is that it doesn’t actually account for how that production is distributed. So while.yes we aren’t exonomically in a recession, people are still feeling the squeeze because that GDP growth isn’t fairly distributed.
We’re not in a recession. The economy’s actually doing pretty well right now.
When the Biden admin had to change the definition of recession to avoid admitting were in a recession, we’re probabtin a recession.
That shit was 2 years ago. Go look at the GDP numbers now.
GDP doesn’t measure how well an economy is working. It doesn’t show you wealth inequality, for example.
So now you, like Biden, don’t want GDP to define a recession?
Se need something that considers wealth distribution
I’m replying to a thread about Biden arguing that GDP shouldn’t be the only indicator of economic health, but if we’re dogmatically looking at GPD, GDP is not in a classic “recession” territory.
What Is a Recession? A recession is a significant, widespread, and prolonged downturn in economic activity. A common rule of thumb is that two consecutive quarters of negative gross domestic product (GDP) growth indicate a recession. However, more complex formulas are also used to determine recessions. Current GDP data
GDP, according to the economist that invented GDP, is not a measure of economic health
That’s not the point, the point is we’re not in a recession as economists define recession (not how Joe Biden defines it).
That’s nice dear, reality isn’t what the government says it is, and has never been anywhere near anything an economist has ever said.
For who…cause it’s most certainly not the average human
That’s the downside of the definition of a recession, 2 consecutive quarters of declining GDP when adjusted for inflation. The problem is that it doesn’t actually account for how that production is distributed. So while.yes we aren’t exonomically in a recession, people are still feeling the squeeze because that GDP growth isn’t fairly distributed.
Not for poor people