The Biden administration is being slammed for attempting to change the definition of an economic recession, just ahead of the upcoming second-quarter GDP data that are expected to show contraction.
An economy is usually considered to be in a recession if it registers two consecutive quarters of GDP declines. A July 21 White House statement insisted that this “is neither the official definition nor the way economists evaluate the state of the business cycle.” In an interview with Fox News, Grover Norquist, the president of Americans for Tax Reform, called out the White House attempt to change the definition of a recession as “ridiculous.”…