Quibbling over what makes for a recession
Democrats and Republicans argue about what constitutes a U-S recession. In a statement today Jeff Duncan, 3rd District U-S representative, says, “GDP (Gross Domestic Product) has shrunk for the second consecutive quarter, and the American economy now meets the generally accepted standards for a recession.” The Fed Chair, Jerome Powell, explaining the rate increase of .75%, said, “I do not think the U-S is currently in a recession and the reason is, there’s just too many areas in the economy that are performing too well.” South Carolina’s junior Republican U-S senator, Tim Scott, has co-introduced a resolution to affirm what they say is the historic definition of an economic recession. Scott, along with Cruz of Texas and Lummis of Wyoming, accuse the Democratic Biden administration of re-defining the term ‘recession.’”