Scott, Cruz, and Lummis Introduce Resolution Affirming Historic Definition of a Recession
WASHINGTON – U.S. Senators Tim Scott (R-S.C.), Ted Cruz (R-Texas), and Cynthia Lummis (R-Wyo.) this week introduced a resolution to affirm the historic definition of an economic recession. Historically, an economic recession has been defined as two consecutive negative quarters of GDP growth.
“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,” said Senator Scott. “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.”
“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,” said Senator Cruz. “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.”
“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,” said Senator Lummis. “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.”
Read full text of the resolution here.