Paul Krugman said Sunday on CNN that the U.S. was not in a recession and suggested there was a 'negativity bias' in the media coverage of the economy.
New York Times columnist and economist Paul Krugman said Sunday that the U.S. is not in a recession and that the term does not matter.New York Times columnist and economist Paul Krugman joined CNN's Brian Stelter on Sunday and asserted the"Are we in a recession and does the term matter?" Stelter asked. "None of the usual criteria that real experts use says we’re in a recession right now. And what does it matter? You know, the state of the economy is what it is.
The New York Times columnist suggested people"want" the"Biden recession.""Never mind the fact that you know, it in fact is not a recession in any technical sense," he continued. technical definition of a recession.Krugman also said a"plurality" of voters were not aware that the U.S. has been"gaining jobs" and that the news surrounding employment in the U.S. has been overly negative.
"There’s been a kind of negativity bias in coverage. The press should be giving people – people have their own personal experience. And if you ask people how are you doing, they’re pretty upbeat," Krugman claimed, adding that some will complain about gas prices."If you ask people how is your financial situation, it’s pretty favorable. If you ask them how is the economy, oh, it’s terrible. That’s a media failing.
Prior to the release of the GDP numbers, several members of the Biden administration appeared on news programs toJournalist Glen Greenwald criticized those who were attempting to redefine a recession in response to a clip of Krugman posted on Twitter. He said their efforts to protect the Biden White House showed"a new level of audacity no matter how low your opinion of them already is."
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