Tue, 03/11/2008 - 9:02pm — Shane-O
The strict definition of "recession" is:
a decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year.
Bush claims that he inherited a recession and also disputes that we are now in a recession.
As both cannot be true, it seems that "recession" is not a macroeconomic term, rather, a political one.
From a Bush press conference in 2003:
However, there was not three quarters of negative GDP growth in 2001:
But now, when a recession is politically unpalatable, Bush says:
Might it just be that there was a recession in 2001 and there is one now? Or might that require your taking some responsibility, Mr. Bush?
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Heh. The Intertubes never forget.
Nice work.
[x] Any (D) in the general. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.
"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi