Facebook recently labeled a post “fact check” written by Philip Magness, chief economist, director of research and education at the American Institute of Economic Research, after he said America is currently in recession. Magness told Mark Zuckerberg and the Masters of the Universe, “We live in an Orwellian hell. Facebook is now “fact-checking” anyone who questions the White House pun on the meaning of recession.
diary letter It’s reported that Facebook recently put a “reality check” tag on a post by chief economist Philip Magness, who says America is currently in recession. Magness, director of research and education at the American Institute of Economic Research, described the censorship as “Orwellian”.
President Joe Biden (Andrew Harnick/AP)
Mark Zuckerberg surrounded by security (Chip Somodeville/Getty)
The post was flagged as “misleading” by Facebook’s fact-checkers, and Magness tweeted: “We live in an Orwellian hell. Facebook is now “fact-checking” anyone who questions the White House’s pun on the meaning of the recession.
He added: “Recession. n. 1. 2 quarters of negative GDP growth in a row when the media doesn’t like the president. 2. It’s a vague, consistent, vaguely defined situation that you’re not allowed to talk about as long as the head of media wants, until NBER makes a decision in a year.”
The issue was brought up in a news bulletin published on July 21 at the White House recently, and it was stated that the determination of whether there was a recession was not “holistic”. The White House said:
What is recession? While some argue that real GDP falling for two consecutive quarters constitutes a recession, this is not the official definition or how economists view the state of the business cycle.
Instead, official recession definitions and economic assessments of economic activity are based on a holistic view of data, including the labor market, consumer and business spending, industrial production, and income.
Based on these data, the decline in GDP in the first quarter of this year is unlikely to signal a recession, even if followed by a further drop in GDP in the second quarter.
AND Wall Street Magazine In an article titled “Recession by Another Name” published July 27, Magness wrote that NBER is not “the official arbiter of recessions.” Magness argued that the federal government often uses the general definition preferred by most non-specialists.
“The White House is playing word games instead of dealing with fundamental economic issues,” he said. “The White House’s attempt to find a way out of the recession in words illustrates the dangers of politicizing economic terms.”
added: “Mr. Biden’s economic advisers are trying to buy time with NBER’s otherwise unsound methodology. They hope that in the event of a decline, it will save the administration from electoral backlash.”
read more too diary letter here.
Source: Breitbart
