Quote:
Originally Posted by Chris
You say that as if political capital were a trivial thing - I don't think it is. In truth, the definition of recession itself, as two consecutive quarters of negative growth is entirely arbitrary. But the designation has the power to decide the fates of politicians, parties, elections ...
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But the whole point of the word recession in political terms is to describe the handling of the economy, yes it's an arbitrary term for one thing in a greater picture.
"Not in a recession" is not the same thing as "everything is fine". The difference is literary 0.1% and since economists don't seem to add error estimates to their numbers this may be smaller than reliable precision (so it's still a toss up).
I have heard a joke for situations like this:
The US press secretary announces that the latest death toll from Iraq is 3000 Arabs and one dentist so the press instantly ask about the dentist.