House Speaker Nancy Pelosi (D-CA) once described two quarters of economic contraction as the “technical definition” of recession in 2008, despite Democrats now downplaying negative economic growth under President Joe Biden’s leadership.
“And so while they may have saved the second quarter from a technical definition of recession, the fact is, we are now into the third quarter and we need to have another stimulus package,” Pelosi said in July 2008:
Nancy Pelosi in July 2008: The “technical definition of recession” is two quarters of negative growth pic.twitter.com/JNhzNbgTXa
— RNC Research (@RNCResearch) July 29, 2022
This flashback emerges after Thursday’s reporting, showing U.S. Gross Domestic Product (GDP) shrinking by 0.9 percent in the second quarter of the year, which follows the economy contracting by 1.6 percent in the first quarter. Two consecutive…
