A White House blog post is accurate about the official definition of what a recession is. The definition wasn't cooked up to protect President Joe Biden.
accused the White House of changing the rules of the game to deny the looming reality of an official recession.
Then, the narrator asks Apple’s Siri to define"recession." Siri responds with a definition, apparently plucked from an:"A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters." The two-quarter threshold mentioned in the video didn’t come from nowhere; it gained a foothold over many years because of its simplicity for the public, news outlets and politicians. It has a good historical track record of lining up with recessions, and it has the advantage of being calculated in real time, rather than months after the fact.
However, the two-quarter threshold cited in the Instagram post has never been official. It’s more like a rough guide — one piece of a complicated puzzle.The Instagram post is misleading in several ways, but especially in accusing the White House of"changing the definition of the word recession."
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