Economist along with New York Times columnist Paul Krugman, on Sunday, resisted the idea that the United States was in a recession, despite two consecutive periods of U.S. economy contracting.
Krugman stated on CNN's “Reliable Sources” that the United States was not in a recession in “any technical sense.”
Host Brian Stelter opened up by asking “Are we in a recession, and does the term matter?”
“No, we aren't, and no, it doesn't,” Krugman said.
“None of the usual criteria that real experts use says we're in a recession right now,” said the economist. “What is the most important thing? The condition of the economy is as it is. Employment is plentiful, however, it is possible that the market for jobs is slipping. Inflation is very high, but there is a possibility that inflation is easing. What is the significance of whether you're using the ‘r-word' and not?”
Krugman said he “never seen anything as bad” as the “determination of a lot of people to say it's a recession.” He explained the reasoning behind using the term “Biden recession” to describe the economy's state as “Biden recession” was just “vitriolic” partisanship.
“I would say that this is especially vitriolic,” Krugman declared. “I've been in the business for about a decade and get a lot of hate mail, and I see some things. I've never experienced anything like this. The determination of many people to claim it's an economic downturn is above anything I've seen.”
“What do you think is driving that?” Stelter asked. “Just partisanship and polarization getting worse and worse every year?”
“It's partisanship. People are looking for it. The reason is that it's Biden's recession. They are looking for the Biden recession. They'll get it, despite the fact that … this isn't technically a recession in any way,” he responded.
