Goalposts & Relativism
Last week, Q2’s economic numbers confirmed that we are not in a recession. Sure, it’s a recession by how the dictionary defines it (two consecutive quarters of negative GDP) and how the Harvard Business School defines it (two quarters of negative GDP growth) and by all other visible means (waves of layoffs, high inflation, crashing home sales) but no, it’s not a recession. We were assured of this by a torrent of ivory-towered journalists letting loose a preemptive wave of opinion articles declaring that there is nothing to see here. We were additionally assured that all is fine by a Wikipedia editor who changed the article on recession to say “the definition of a recession varies between different countries and…