[See NewsBusters for more.] Don’t worry about the floundering economy, the White House has explained that it is simply “recalibrating.” That’s according to the network journalists on Thursday who parroted the Biden administration’s attempt to redefine a recession as something other than two quarters of negative growth. Recession is simply a “buzzword” that doesn’t mean a whole lot.
Later in the morning, as the New York Post put it, “The US gross domestic product posted its second straight quarterly decline in an alarming development that economists widely view as the definition of an economic recession.” But CBS Mornings previewed the bad news with naked spin. According to Nancy Cordes, “Typically, if GDP falls for a second quarter in a row, that could signal a looming recession. But the Biden administration has been insisting that that is not the case this time around, that the economy is simply recalibrating after a post-pandemic boom.”