With midterms just days away, CNN is once again helping fuel the White House's recession denialism.
For decades it's been widely accepted that two consecutive quarters of negative economic growth puts the economy in a "technical recession," and it would be reported as such whenever that happened. The National Bureau of Economic Research is the body that “officially” declares recessions in America, but that doesn’t happen until many months after one has already ended. Not until the Biden administration racked up two quarters of negative growth earlier was this “two quarters” shorthand definition ever called into question.
Third quarter economic growth this year did clock in negative, but growth was negative in both the first and second quarter, indicating that the economy was in recession those months.But not according to CNN.
During an appearance on CNN yesterday, Rep. Scott Brown said "I believe the Fed[eral reserve] will lead us into recession, and quite frankly, we are by definition in a recession." That led to host Bianna Golodryga immediately cutting him off, chiming in "No we are not - we are not technically in a recession. We saw positive GDP growth. Let's just be honest."
Of course, the U.S. *was* technically in a recession, having literally met the definition of a “technical” recession. Golodryga could've tried to argue that the economy just came out of a technical recession in her spin, but she doesn't acknowledge that we were in one at all. That would still be wrong because of the rising likelihood the economy falls back into recession next year, but it would at least be a slightly more honest spin.
Amusingly, less than a day later CNN admitted that everyone thinks they're wrong. While covering the October jobs numbers this morning, CNN's chief business correspondent Christine Romans said that their own polling indicated almost everyone thinks we're in a recession.
"75% of people we polled are already in a recession," Romans said, before uttering a line that accidentally exposes the liberal media's mindset on manufacturing reality; "The way people feel... that becomes real."
Watch below:
On CNN's website, when they published those poll results showing that 75% believe we're in a recession, they went out of their way to add that it's "even though we're probably not."
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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