Neither side has any integrity anymore 

 

Trying to redefine a recession is stupid, but do people in 2022 seriously not understand how wikipedia works?

25 minutes ago, DaEagles4Life said:

Neither side has any integrity anymore 

 

it's been updated. 

If you look at the earlier entry (from early July) it didn't even include the "two consecutive quarters of negative GDP" definition, which is more of a general shorthand definition anyway. But now it does include it.

2 minutes ago, we_gotta_believe said:

Trying to redefine a recession is stupid, but do people in 2022 seriously not understand how wikipedia works?

Politically motivated Wikipedia page edit wars are nothing new. And in this case those who really really want to say a "Biden recession" is happening are the ones who are trying to change the earlier wikipedia page entry, which didn't appear to include it.

Just now, JohnSnowsHair said:

Politically motivated Wikipedia page edit wars are nothing new. And in this case those who really really want to say a "Biden recession" is happening are the ones who are trying to change the earlier wikipedia page entry, which didn't appear to include it.

If only there were a way to see the edit history of any entry... oh wait.

Posting for anyone who has been living under a rock and/or needs special help navigating the wilderness of the internet...

 

 

2 minutes ago, we_gotta_believe said:

 

 

3 minutes ago, we_gotta_believe said:

 

 

Pretty standard right wing trick, where they play off of Republicans insecurities and constant need to be victims of a vast liberal conspiracy by spreading some bullsheet that's quickly debunked.  But, in the process of debunking it, the left helps plant the word recession in everyone's head, which was the whole goal in the first place.

This, from wgb's twitter post, is July 14 vs now:

 

What you saw was a basically an edit war live between BDS'ers eager to make sure the definitely included the shorthand "two consecutive quarters of negative GDP growth" so they could say "Biden's recession" and Biden apologists editing it back.

At the end of the process the powers that be at Wikipedia stepped in and we now have an improved wikipedia page on what a Recession is, with multiple definitions given within context and with citations. That's as good as it gets. 

I checked some of the history myself, the most critical aspect of the wikipedia entry (domestically speaking) is the reference to the NBER criteria, which was appropriately quoted and cited in the entry today, 2 years ago, and in every edit I've quickly skimmed in recent days. It's truly amazing how things like this become stories and fodder for those without the ability to figure things out on their own. 

If you are going to Wikipedia to find out the definition of something, you are already wrong.

4 hours ago, toolg said:

I got a secret for you... We live in a capitalist market economy. POTUS is not the King of the Capitalists. So we really shouldn't praise or blame Biden for market fluctuations...  He has little to do with it. The Conservative narrative is built on lies.

Nah

the narrative is your socialism and austrian monetary policy is to blame

which is zero percent lies

Pretty hilarious for the irony 

 

 

2 hours ago, DaEagles4Life said:

Neither side has any integrity anymore 

 

Theres the leftist semantics lies

1 minute ago, ToastJenkins said:

Theres the leftist semantics lies

Can you be more specific? What semantic lies?

 

5 minutes ago, we_gotta_believe said:

Can you be more specific? What semantic lies?

About the definition of recession obviously

but you knew that are are just being intentionally obtuse to try and play some sort of semantic gotcha game. Its your only move

15 minutes ago, ToastJenkins said:

About the definition of recession obviously

but you knew that are are just being intentionally obtuse to try and play some sort of semantic gotcha game. Its your only move

the White House is clearly whistling past the graveyard on this recession talk, but the whole "a recession is defined as" nonsense is just that: semantic nonsense. two consecutive quarters of negative GDP growth correlates with recessions highly, but it doesn't mean one defines the other. it's a watered down metric meant to be simple and palatable, and largely accurate, but not definitive.

that said, we're almost certain in a recession or will be soon, depending on how you want to classify it. but that becomes yet another semantic argument about what the line is that separates a recession from .. whatever you want to call a milder economic downturn.

inflation is hurting people. wage inflation is helping, but disproportionately - the items whose prices have inflated the most are core staples for people that disproportionately effect those with less earning ability. politically, arguing over whether this "technically" a recession is stupid.

if the white house was smart (HAH!) it would sidestep the question of a recession altogether and simply recognize the fact that Americans, especially those on the wrong side of the median income line, are being squeezed, and point to the solutions they're supporting to help alleviate that pain. the government can't really fix this, at least not quickly, but this white house would benefit by cutting out the bullcrap and just speaking plain.

Thats the problem though isn’t  it? Their solutions are anything but. They are short sighted bandaids. The solutions are to let people work through the squeeze and think long term

This is all so dumb by the administration. Yes, technically the NBER is the one that officially declares a recession. Newsflash -- they often do that months and sometimes years after a recession has started. The colloquial definition of 2 consecutive negative GDP growth quarters is basically what everyone accepts as a real time measurement. 

Arguing over semantics - yeah, that's a winning electoral strategy.

51 minutes ago, ToastJenkins said:

Thats the problem though isn’t  it? Their solutions are anything but. They are short sighted bandaids. The solutions are to let people work through the squeeze and think long term

I honestly have no idea what the administration is proposing. I didn't expect anything more than a basic competence and mediocrity from Biden, and the challenges it's being tasked to deal with are frankly beyond them.

(FWIW I think Trump would be performing far worse and deflecting blame in a manner that would further divide the nation, so it's still a net positive over the alternative by a long shot. But Biden is just not up to this moment.)

Fortunately our economic engine is strong enough to muddle through crap political leadership and come out reasonably strong. But the Fed needs to get its act together and become the adults in the room they're supposed to be. They need to hold the line on rates and force Washington to pay for its bills or cut spending - or frankly both. Cheap money for too long has led to bad habits that must be broken. And higher rates should help bury MMT.

1 hour ago, Bacarty2 said:

You dont need to raise taxes when the inflation is taking care of it. 

 

And yet they're getting ready to raise taxes anyway.