The smoke gets in your eyes

I have just written an online article for The New European, on the latest GDP figures. So despite the risk of repeating myself I would like to point out that growth of 0.2% over 12 months is dreadful.

But more specifically, when did we start calling recessions “technical”?

The last one we have just emerged from was, in the usual way with politicians, denied until the evidence was finally in. “Its too early to tell”, “I’m hearing growth may be picking up”, “Let’s wait and see”, “The figures don’t show we are in recession”; all the usual blatant attempts to put off the inevitable, par for the course and not a direct lie. But then the very day the figures finally showed we were in a recession it became history; “there figures only cover the last 6 months, I am sure things are better now” etc.

And then a new one on me, “its only a technical recession”. What?

Does that mean it is not a “real recession” that the economy hasn’t been shrinking? No, it doesn’t.

Does it mean “this is just a term used by the bean counters”? Possibly but then it is the very same term used by politicians for at least the last 50 years.

I assume it is just a way of trying to play down the economic damage, patronise the voters, and blow smoke in peoples eyes.

In short it is a cynical political trick, but why journalists are using it is beyond me. There is serious debate about the varying definitions of recessions, it is true. But none of this is about that.

We are being gamed, journalists should stand up to that sort of thing, not play along. That is their job after all.

Jonty’s Jottings

Economics, trade and Brexit, not necessarily in that order but the dog always comes first.

By Jonty Bloom Media