Categories: Economy

Conspiracy of Silence at the Treasury about the Definition of a Recession (!)


Not from the Onion, but rather from the Daily Signal, mouthpiece of the Heritage Foundation:

The Treasury Department under President Joe Biden has refused to hand over documents showing how officials decided to alter the definition of a recession after the first two quarters of 2022 saw declines in gross domestic product, the traditional definition of a recession.

The Heritage Foundation filed a Freedom of Information Act request on July 6, asking Treasury for internal communications containing the terms “recession,” “alternative definition of recession,” and “alternative recession measurements.” (The Daily Signal is The Heritage Foundation’s news outlet.)

Here’s the lawsuit cover page.

Link.

I suppose it’s interesting to know what Treasury thinks signals a recession, but as a basis for a lawsuit, I think it’s a pretty silly.

I’ve never worked at Treasury, but I talked to plenty Treasury economists while at CEA, and I’m pretty sure the economists there are aware that the NBER is the most official arbiter of recessions in the US. Just sayin’.



Source link

Washington Digital News

Share
Published by
Washington Digital News

Recent Posts

The Best Roku Streaming Stick Depends On Your Picture Quality Needs

Fortunately, Roku only sells one streaming device that doesn't support 4K output. …

9 hours ago

This is where most people go wrong in their 30s and 40s

These big life decisions will determine just how well you retire. Source link

9 hours ago

Business Cycle Indicators: GDP, Personal Income, Mfg & Trade Sales, Consumption

GDP is up as Jim discussed. Consumption flat, personal income ex-transfers down. Nominal consumption and…

9 hours ago

MSTR Q3 2026 Earnings Call: Analyst Q&A

The full analyst Q&A from Strategy’s (MSTR) Q3 2026 earnings call. Phong Le and Michael…

10 hours ago

Mark Zuckerberg is joining Jeff Bezos in Miami’s billionaire bunker: Take a look at his portfolio

With a net worth of $222 billion, Mark Zuckerberg is one of the richest people…

10 hours ago

AI outlook: OpenAI cuts fundraising goal while Meta gets a credit warning on cash flow and spending

The seemingly endless gusher of capital that’s been showered on Silicon Valley during the AI…

10 hours ago