{"id":1589352,"date":"2022-08-04T15:25:39","date_gmt":"2022-08-04T19:25:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1589352"},"modified":"2022-08-04T15:25:52","modified_gmt":"2022-08-04T19:25:52","slug":"it-is-possible-cbo-director-admits-the-economy-may-already-be-in-recession","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/it-is-possible-cbo-director-admits-the-economy-may-already-be-in-recession\/","title":{"rendered":"\u2018It Is Possible\u2019: CBO Director Admits The Economy May Already Be In Recession"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fit-is-possible-cbo-director-admits-the-economy-may-already-be-in-recession%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1589352&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/2022-07-05T000000Z_1097549258_RC2T5V9QPXKQ_RTRMADP_3_USA-ELECTION-GEORGIA-TRUMP-scaled-e1659640009625.jpeg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>The economy could already be in a recession, the Congressional Budget Office (CBO) said in a Thursday letter sent to Republican Sen. Lindsey Graham of South Carolina.<\/p>\n<p>The CBO\u2019s <a href=\"https:\/\/www.cbo.gov\/system\/files\/2022-08\/58357-Graham.pdf\">letter<\/a> is a response to a handful of questions Graham, the Senate\u2019s Budget Committee\u2019s ranking member, <a href=\"https:\/\/www.taxnotes.com\/research\/federal\/legislative-documents\/congressional-tax-correspondence\/graham-questions-cbo-about-latest-build-back-better-legislation\/7dtpr\">had asked<\/a> the CBO following a cost estimate report they released Wednesday for H.R. 5376, the Inflation Reduction Act of 2022, according to the letter\u2019s text. One of Graham\u2019s prime concerns was whether the economy had already entered a recession, to which the CBO replied that it was too early to tell, though certainly plausible that the economy was in a recession.<\/p>\n<p>\u201cThe U.S. economy shows signs of slowing, but whether the economy is currently in a recession is difficult to say,\u201d the letter stated. \u201cIt is possible that, in retrospect, it will become apparent that the economy moved into recession sometime this year.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">So the two big independent economic officials Washington to looks to for guidance \u2013 Fed\u2019s Powell and CBO\u2019s Swagel \u2013 are both apparently \u201cmaybe, maybe not\u201d on whether the US is in recession, despite the two straight quarters of declining GDP.<\/p>\n<p>\u2014 Jonathan Nicholson (@JNicholsonInDC) <a href=\"https:\/\/twitter.com\/JNicholsonInDC\/status\/1555219879111917569?ref_src=twsrc%5Etfw\">August 4, 2022<\/a> <\/p>\n<\/blockquote>\n<p>While many are familiar with the <a href=\"https:\/\/dailycaller.com\/2022\/07\/25\/white-house-redefine-recession-gdp-data\/\">shorthand definition of recession<\/a> being two consecutive quarters of declining GDP, the organization that classifies when a recession has begun, the National Bureau of Economic Research (NBER), does so conservatively and retroactively by looking at a number of different indicators ranging from employment data, to consumption, investment, and more, according to <a href=\"https:\/\/www.nber.org\/research\/business-cycle-dating\">the Bureau\u2019s website<\/a>.<\/p>\n<p>\u201cThe committee\u2019s approach to determining the dates of turning points is retrospective. In making its peak and trough announcements, it waits until sufficient data are available to avoid the need for major revisions to the business cycle chronology. In determining the date of a peak in activity, it waits until it is confident that a recession has occurred,\u201d the NBER website states.<\/p>\n<p>While some metrics certainly indicate a decline in economic activity in the first half of 2022, there is not yet an overwhelming preponderance of evidence to suggest that the economy is in a recession since factors like a strong labor market cloud the economic outlook, according to the CBO\u2019s letter.<\/p>\n<p>President Joe Biden has <a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/economists-stop-debating-recession-fix-it\/\">caught flack<\/a> from critics for playing semantic games about whether the economy is technically in a recession when many Americans are hurting financially.<\/p>\n<p>Graham\u2019s office did not immediately respond to the Daily Caller News Foundation.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The economy could already be in a recession, the Congressional Budget Office (CBO) said in a Thursday letter sent to Republican Sen. Lindsey Graham of South Carolina.The CBO\u2019s letter is<\/p>\n","protected":false},"author":979,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1589352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1589352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/979"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1589352"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1589352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1589352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1589352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1589352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}