Cruz, Scott, Lummis Introduce Resolution Affirming the Historic Definition of a Recession
Along with Sens. Tim Scott (R-S.C.) and Cynthia Lummis (R-Wyo.), I recently introduced a resolution to cement the historic definition of an economic recession. Historically, an economic recession has been defined as two consecutive negative quarters of GDP growth.
About the resolution I said:
“The Biden White House is undertaking an Orwellian effort that ignores history in order to try to redefine the actual definition of the term ‘recession’ in order to avoid bad headlines. No amount of double-speak can change the fact that President Biden’s failed economic policies are fueling inflation, or have driven our country to the brink of a recession. The American people know this, which is why consumer sentiment has plummeted. Definitions matter, and the Biden White House simply cannot rewrite the facts in order to hide from the truth.”
Sen. Lummis said:
“The definition of a recession is crystal clear, but President Biden is trying to rewrite history and change the definition of a recession to try to make it seem like the economy hasn’t taken a total nosedive since his presidency began. I’m proud to join my colleagues in introducing this resolution to send a message, loud and clear, to President Biden, that he cannot change economic rules to defend the fact that there has been too much spending the last two years.”
Sen. Scott said:
“In the midst of a 40-year high in inflation, the Biden administration is now attempting to redefine the term ‘recession.’ But twisting words does not change the reality: Americans are hurting because of Democrats’ harmful economic policies. This administration can continue to push reckless spending proposals and insist the economy is moving in a positive direction, but Americans simply aren’t taking the bait. I’m proud to join Senators Cruz and Lummis on this resolution that puts words to the struggle families are facing across this nation.”
Read the resolution here.