PubliusInfinitum
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- Aug 18, 2008
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- #81
The United States-based National Bureau of Economic Research (NBER) defines economic recession as: "a significant decline in [the] economic activity spread across the country, lasting more than a few months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales."[5] The NBER's Business Cycle Dating Committee is generally seen as the authority for dating US recessions. Academic economists, policy makers, and businesses all usually refer to recessions as determined by the NBER.
I'm pretty sure we had just about all of that. So epic fail.
EDIT: Even more evidence to show epic fail.
America Officially in Recession
In December of 2008:
The National Bureau of Economic Research, a nongovernmental group of economists that studies market cyclicity, announced that the current economic slump has indeed been a recession—for going on a year.
ROFLMNAO... This is more of the same Left-think: REVISIONIST BULLSHIT...
It's the left REDEFINING RECESSION... so that they can declare the last year of the Bush economy as a Recession...
Recession is rooted in 'recede'... recede is to 'go back' to fall back... thus an ECONOMIC RECESSION is where the PRODUCT OF THE ECONOMY RECEDES... It has LONG BEEN HELD that a single qrtr wherein the product of the economy recedes is not a fair indicator of true recession, because such can be a function of a reduction in a facet, or a sector of the economy and as such, it isn't reasonable to conclude that a single qrtr of receding gross product is indicative of a whole economic recession.
Thus the conclusion has always been that TWO QUARTERS OF NEGATIVE GROWTH: A CONSISTENTLY RECEDING GROSS DOMESTIC PRODUCT IS THE DEFINITION OF A RECESSION.
The left did not want to declare the end of the Clinton economic era to be a recession... when THAT economy was 'showing signs of shrinking...'
Once again what we have here is the Left REDFINING TERMS SO THAT THEIR IDIOCY CAN CLAIM AN AIR OF CREDIBILITY...
That's SO MUCH EASIER than actually taking a credible position... of course the problem is that credibility is usually associated with sound reasoning and left-think NEVER IS.
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