Earlier quoted context omitted.
This is a classic example of how propaganda works. The layman's definition of recession, which has never been used officially or by policy-makers in America, is this bit about "negative GDP growth for two quarters". But despite that not being how we've always determined recessions here, if you read the reply above, the user has literally invented a political conspiracy about their ignorance about economics. The layma…
>the NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales". Which we have right now. But don't trust objective observations of reality. Just Trust the Experts™ and call anyone who disagrees a conspiracy theorist.
> real GDP
> real income
real income is down ~1% since Sept 2020 or Sept 2021 [1]. hardly seems like a "significant decline".
> employment
employment has increased since Sept 2020 or Sept 2021 [2] and infact has been steadily increasing since April 2020.
> industrial production
industrial production has increased since Sept 2020 or Sept 2021 [3] and infact has been steadily increasing since April 2020.
> wholesale-retail sales
retail sales has increased since Sept 2020 or Sept 2021 [4] and infact has been steadily increasing since April 2020.
so 1 of 5 indicators shows significant decline, 1 shows minor decline, 3 show increase.
[1] https://fred.stlouisfed.org/series/RPI
[2] https://fred.stlouisfed.org/series/PAYEMS