When did they change the definition of the word 'recession'?
A recent New York Times article titled "U.S. Economy Entered Recession in February" was put out for consumption. The article makes no mention of what constitutes a recession other than that the National Bureau of Economic Research's Business Cycle Dating Committee deemed it so.
Excerpted from the article:
The economy hit its peak in February and has since fallen into a downturn ending the longest expansion — 128 months — in records dating back to 1854. Most economists expect this recession to be both particularly deep and exceptionally short, perhaps just a few months, as states reopen and economic activity resumes.
I am old enough to remember when words used to have solid meanings. They were not changed whimsically and instead stood the test of time, for better or for worse. But as of late, it seems that certain words are quite malleable. An example is the word "marriage," it used to mean a union between a man and a woman, but now it means whatever the left says it means.
For as long as I can remember, economics used to be above the fray. The laws of economics used to be hard and fast, and no one and no entity could escape the economic reality of bad policy decisions.
Recently, that has changed. Almost as a thief in the night, the definition police have come and changed the definition of the word "recession." A recession used to mean two back-to-back quarters of negative economic growth. Apparently, the word "recession" now means a significant decline in economic activity in a designated region. When this change happened is unclear, but it certainly happened at some time during the Trump administration. As to why the change in definition has happened, one can only speculate, but it is abundantly clear that the intent was to harm the public's appreciation of the economic miracle that the Trump administration has created.
The COVID-19 pandemic has brought massive economic damage with it but that has not, as yet, caused a recession (under the old definition). What better way to hang an albatross around the neck of President Trump than to change the definition of the word recession to reflect current conditions and use that as a smear in the upcoming election?