Pelosi Once Called 2 Quarters of GDP Contraction a ‘Recession’

Pelosi Once Called 2 Quarters of GDP Contraction a ‘Recession’

July 29, 2022

Amid the Biden administration’s scramble to redefine “recession” in order to avoid being blamed for leading America into one, Breitbart News reminds us that House Speaker Nancy Pelosi (D-CA) once hypocritically described two quarters of economic contraction under a Republican president as the “technical definition” of recession.

“And so while they may have saved the second quarter from a technical definition of recession, the fact is, we are now into the third quarter and we need to have another stimulus package,” Pelosi said in July 2008.

This Thursday’s reporting shows U.S. Gross Domestic Product (GDP) shrinking by 0.9 percent in the second quarter of the year, which follows the economy contracting by 1.6 percent in the first quarter. Two consecutive quarters of contraction typically point to a recession — unless, like the Democrats today, you simply move the goalposts so that your dismal economic failure avoids that damning label.

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