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Paul Krugman, columnist and economist for The New York Times, joined Brian Stelter on CNN on Sunday and confirmed that The United States was not in a recession And that the term does not matter.
“Are we in a recession and does the term matter?” Stelter asked.
Krugman replied, “No we’re not, and neither are we.”
“None of the usual criteria that real experts use say we are in a recession right now. And what does it matter? You know, the state of the economy is what it is. Jobs are plentiful even though the labor market is probably weakening. Inflation is high, although inflation may be low. What Does it matter whether you use the world “r” or not?” he said.
The debate over the definition of a recession has been “stinging,” Krugman said.
“I’ve never seen anything so bad, so many people’s determination to say it’s a stagnation beyond anything I’ve seen in my life,” Krugman said, adding that partisanship was the impetus behind the controversy.
The New York Times columnist suggested that people “want” a “Biden slump.” “Regardless of the fact that you know, it’s really not a slump in any technical sense,” he continued.
The growth rate for the two consecutive quarters of GDP was usually negative Technical definition of stagnation.
Krugman also said that “a significant number” of voters were unaware that the United States was “gaining jobs” and that the news surrounding employment in the United States was very negative.
“There was some kind of negative bias in the coverage. The press has to give people – people have their personal experience. And if you ask people how you are doing, they are very optimistic,” Krugman claimed, adding that some would complain about gas prices. “If you ask people about your financial situation, that’s very relevant. If you ask them how the economy is, oh, it’s horrible. This is a media failure. In a way we fail to convey the facts of what is happening to people.”
Before the GDP figures were released, several members of the Biden administration appeared on the news programs of Trying to redefine the technical definition from stagnation.
Journalist Glenn Greenwald criticized those who were trying to redefine recession in response to a clip from Krugman posted on Twitter. He said their efforts to protect Biden’s White House showed “a new level of boldness no matter how weak you think of them already.”
Director of the National Economic Council and Biden White House Economic Adviser Brian Daisy He denied that America was in a recession Thursday after the release of GDP figures.
“Well, we’re definitely in a transition phase, and we’re seeing a slowdown as we’ve all expected. But I think if you look at the full data and the kind of data that NBER is looking at, almost nothing indicates that this period is in the second quarter of a recession.”
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