The usual description of a recession is two quarters (half a year) of declining GNP. We got that today. The Biden Administration is saying “No we don’t. We have to have something else before it is a recession.” They never said what “something else” might be. This story doesn’t convince many people, but it soaks up hours of TV time debating the worthless issue. While this fruitless debate goes on, the Administration doesn’t have to answer real questions, like “Will you reauthorize Keystone XL?”, or “When will you start leasing land for oil and gas exploration?” Or “When will you tell the banks and finance houses that it is OK to lend for oil and gas drilling?”, The Wall St Journal simply mentioned that most people believe two negative quarters is a recession and then they moved on.
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