(PJ MEDIA) – The U.S. economy shrank worse than expected in the first quarter, stoking fears that we are headed for recession, if not already in one. In fact, most Americans already believe we are in a recession. And they’re probably right. A recession is defined as two consecutive quarters with negative growth. However, as CNN’s Nicole Goodkind notes, “the economy isn’t broadly and officially considered to be in a recession until a relatively unknown group of eight economists says so.”
Goodkind then attempts to make this all sound sinister—like it’s a bunch of James Bond villains hiding in a secret lair plotting world domination by pointing out that these economists “serve together as the Business Cycle Dating Committee, are hand-selected by and work under the umbrella of the National Bureau of Economic Research (NBER), a private nonprofit organization.” So, what exactly is CNN’s problem? Well, it seems all but inevitable that the Biden Recession will soon be official, so to preempt this, CNN has declared this cabal of economists racist.
“There is a clear lack of racial diversity amongst the eight members, and NBER has never had a member who has been a racial minority, according to Gary Hoover, co-chair of the American Economic Association Committee on the Status of Minority Groups in the Economics Profession,” CNN explains. “All NBER members are experts in macroeconomics and business cycle research. Each is over 60 years old, and they are all associated with prestigious universities. The group includes two women, one of whom is married to another member.”
