The Biden Administration Redefined "Recession" | Summary and Q&A

TL;DR

The US is experiencing a recession, but the government is avoiding using this term, changing the definition on Wikipedia to downplay the economic decline.

Key Insights

• 🍉 The US government is attempting to avoid using the term "recession" to protect its political interests.
• 👻 Manipulating the definition of recession allows the government to create a more positive narrative about the economy.
• 🇨🇫 Language and opinion have become more important than the actual state of the economy in determining public perception.
• 💭 Many people rely on thought leaders and adopt their opinions rather than engaging in original thought and research.
• 😑 The current culture war is characterized by tribalism and adherence to pre-formed ideologies.
• 🫷 There is a need to question and push back against the manipulation of language to serve political purposes.

Transcript

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Questions & Answers

Q: Why has the US government changed the definition of recession?

The government has changed the definition to downplay the economic decline and avoid criticism in the upcoming midterm elections.

Q: How has the Wikipedia definition of recession been altered?

The Wikipedia definition now aligns with the government's new criteria for defining a recession, which focuses on a general decline in economic activity rather than two consecutive quarters of negative GDP growth.

Q: What impact does changing the definition of recession have?

Changing the definition allows the government to manipulate public perception of the economy and avoid accountability for its handling of economic policies.

Q: Why is it important to push back against this change in definition?

Changing the definition undermines the integrity of economic analysis and prevents a clear assessment of the government's management of the economy.

Summary

In this video, the speakers discuss the change in the definition of recession and its implications. They point out that while the US is currently in a recession, the government is trying to avoid using that term and has even changed the definition on Wikipedia. They explore the various definitions of recession, including the traditional one of two consecutive quarters of negative GDP growth. They also highlight the political implications of not labeling the economic situation as a recession and the manipulation of language to control public perception. Additionally, they touch on the concept of thought leaders and the influence they have on shaping collective opinion.

Questions & Answers

Q: How has the definition of recession changed according to Wikipedia?

The traditional definition of recession was two consecutive quarters of negative GDP growth. However, the Wikipedia article now defines recession as a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Q: How is recession defined in the UK?

In the UK, recession is defined as negative economic growth for two consecutive quarters.

Q: Why has the US government avoided calling the current economic situation a recession?

The US government is trying to avoid using the term "recession" due to political reasons. They want to protect themselves, particularly during the upcoming midterm elections, where the term recession could be used against the Democrats. It is a protectionist strategy to manipulate public perception.

Q: What are the implications of changing the definition of recession?

Changing the definition of recession is not a trivial matter. It allows the government to downplay the economic downturn and manipulate public opinion. By altering the definition, they can create the illusion of a strong economy and deflect criticism for their management of the situation.

Q: Why is it important to push back against the change in definition?

Changing the definition of recession undermines the purpose of language - to represent reality. It is an attempt to control the narrative and deceive the public. It should be a cause for concern and anger, as it shows a disregard for the truth and an attempt to mask the government's failure to manage the economy effectively.

Q: Why do people focus more on opinions and language in today's society?

In the age of social media, opinions and language have become more important than ever. People are judged by their words and ideas rather than their actions. Social media is a primary form of communication, and therefore, what we say and how we say it holds great significance in shaping public perception.

Q: How does language manipulation serve as a strategy in controlling the economy?

When the government cannot control the economy directly, they resort to controlling language in hopes of influencing public perception. By changing the language surrounding economic terms, they can shape the narrative and create a false sense of success. This tactic allows them to divert attention from their inability to effectively manage the economy.

Q: What does the concept of "two-step flow theory" suggest?

The two-step flow theory suggests that there are few original thinkers in the world. Most people adopt the opinions of thought leaders they admire, rather than engaging in independent critical thinking. This phenomenon contributes to the culture war and tribalism, where individuals align themselves with a group and adopt their opinions without personal reflection.

Q: How does tribalism impact the formation of opinions?

Tribalism leads individuals to gravitate towards groups they feel they belong to. They adopt the group's patterns of thinking and opinions instead of formulating their own. This lack of original thought results in a conglomeration of other people's opinions, which are fiercely defended without critical examination.

Q: What is the consequence of relying on thought leaders for opinions?

Relying on thought leaders for opinions allows a small number of influential thinkers to shape the collective opinion of a larger group. This can lead to a lack of genuine individual thinking and can contribute to the polarization and divisiveness seen in society today, as people become resistant to considering alternative viewpoints.

Takeaways

The video highlights the manipulation of language and the change in the definition of recession to control public perception. It underscores the importance of language in shaping narratives and highlights the need to resist attempts to redefine terms for political gain. The discussion also sheds light on the influence of thought leaders on public opinion and the dangers of tribalism and conformity. Critical thinking and independent analysis are essential in breaking free from the echo chambers and forming well-rounded opinions.

Summary & Key Takeaways

• The US government has redefined the term "recession" to avoid acknowledging the current economic decline.

• The definition of recession on Wikipedia has been changed to align with the government's new criteria.

• The change in definition is seen as a political maneuver to protect the government from criticism in the upcoming midterm elections.