WASHINGTON, DC – U.S. Senator Ted Cruz (R-Texas), along with Senators Tim Scott (RS.C.) and Cynthia Lummis (R-Wyo.), introduced a resolution to cement the historic definition of a recession economic. Historically, an economic recession has been defined as two consecutive quarters of negative GDP growth.
Of the resolution, Senator Cruz said:
“The Biden White House is undertaking an Orwellian effort that ignores history to try to redefine the actual definition of ‘recession’ to avoid bad headlines. No amount of doublespeak can change the fact that President Biden’s failed economic policies are fueling inflation or driving our country to the brink of recession. The American people know this, which is why consumer confidence has plummeted. Definitions matter, and the Biden White House simply cannot rewrite the facts in order to hide from the truth.
Senator 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 look like the economy hasn’t taken a nose dive from the start. of his presidency. I am proud to join my colleagues in bringing forward this resolution to send a loud and clear message to President Biden that he cannot change the economic rules to defend the fact that there has been too much spending in the past two years.
Senator Scott said:
“In the midst of a 40-year spike in inflation, the Biden administration is now trying to redefine the term ‘recession.’ But twisting the words doesn’t change the reality: Americans are suffering because of the Democrats’ harmful economic policies. This administration may continue to push reckless spending proposals and insist that the economy is moving in a positive direction, but Americans are simply not taking the bait. I am proud to join Senators Cruz and Lummis on this resolution that puts into words the hardships families face across this country.
Read the resolution here.