Chambliss Still Unsure If Economy Is In Recession, Misstates ‘Technical Defintion’ Of A Recession
Chambliss Still Unsure If Economy Is In Recession, Misstates ‘Technical Defintion’ Of A Recession
This morning of Fox News Sunday, host Chris Wallace asked Sen. Saxby Chambliss (R-GA) about a statement he made in July when he argued that the U.S. economy “may not be in a recession.” Wallace played a recording of Chambliss from an ad released by Jim Martin’s campaign:
CHAMBLISS: We may not be in a recession. I don’t know what that term means.
Chambliss attempted to defend himself, saying that he was “quoting Alan Greenspan.” Wallace, however, noted that while Chambliss used the Greenspan quote in July 2008, Greenspan had said in April 2008 that “we’re headed into a recession.” Chambliss responded by attempting (and failing) to fall back on the “technical definition” of a recession:
Chris, if you’ll remember, [a recession] was supposed to be two consecutive months of negative GDP, and at that point in time we hadn’t seen that. But, you know, economists disagree on the technical definition of recession, and obviously that’s what i was talking about.
Still, however, Chambliss could not bring himself to admit that the economy is in recession.
Watch it:
In attempting to appear knowledgeable about the economy by citing the “technical definition” of a recession, Chambliss actually demonstrated his ignorance. Indeed, Chambliss said this morning that a recession is “supposed to be two consecutive months of negative GDP” growth. In fact, the often cited — though misleading — definition of a recession to which Chambliss was referring says nothing about “two consecutive months,” but rather “two consecutive quarters.”
Definitions aside, Chambliss’s apparent inability to recognize that the U.S. is in a recession demonstrates he is uninformed about the state of the economy. Indeed, the Federal Reserve’s latest economic outlook “warned that a recession is believed already to be underway could last until mid-2009 or later.” Further, as Forbes recently reported on the significant rise in unemployment claims in recent months, “[c]laims above 400,000 are generally considered a sign of recession, and claims have been above that level for 17 weeks.”
Perhaps most startling is that according to a recent survey by the National Association of Business Economists, “96% of the economists surveyed” believe a recession has begun. While economists may disagree about what constitutes a recession, they seem to agree that the U.S. is in one.
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… he is uninformed about the state of the economy.
yeeah… it’s a waaay different kind of economy discussed
November 30th, 2008 at 12:08 pmon the golfcourse…
Will the GOP never run out of idiots to put up for office?
A recession occurs whenever the National Bureau of Economic Research says. This declaration is usually well after the fact. There’s little doubt among those who measure these things that the U.S. is in a recession. The question is, did it begin in January or March?
November 30th, 2008 at 12:09 pmI am voting for Martin on Tuesday, but will be very surprised if he wins.
The Atlanta Progressive reported possible vote fraud on the Diebold Machines from 2002 that may still exist in highly liberal Atlanta counties, where Martin is favored.
Plus, I live here. The wingnuts are still just as delusional and just as afraid of a Democratic plurality as they should be of their own ignorance, but unfortunately are not…
November 30th, 2008 at 12:24 pmGuido the Loving OBGYN Says: Who knows, maybe American can afford to have large familes again.
We have a serious over-poulation problem of humans on this planet that is contributing to many of its problems today. I cannot support anything that encourages increasing it even further.
November 30th, 2008 at 12:27 pmHAHAHA….DON’T YOU LOVE REPUGLICANS? THEIR INDIGNANT IGNORANCE, INCOMPETENCE, PROPAGANDA AND FAILURE PREVENTS THEM FROM ACKNOWLEDGING THE MOST OBVIOUS TRUTHS.
THERE IS LITTLE WONDER THAT EACH AND EVERY ONE OF THESE REALITY DENIERS WILL GO THE SAME WAY AS THE DINOSAUR. THANK GOODNESS NO ONE ASKED HIM WHETHER HE “BELIEVED” THE SKY WAS BLUE
November 30th, 2008 at 12:27 pmas noted by anney at C&L:
Fox is interviewing Saxby Chambliss but not his Democratic challenger, Jim Martin.
just plain W R O N G.
imagine that…
November 30th, 2008 at 12:40 pmWe have a serious over-poulation problem of humans on this planet
Agreed…But…http://www.theatlantic.com/issues/99aug/9908popdrop.htm
“FIFTY years from now the world’s population will be declining, with no end in sight. Unless people’s values change greatly, several centuries from now there could be fewer people living in the entire world than live in the United States today. The big surprise of the past twenty years is that in not one country did fertility stop falling when it reached the replacement rate — 2.1 children per woman. In Italy, for example, the rate has fallen to 1.2. In Western Europe as a whole and in Japan it is down to 1.5. The evidence now indicates that within fifty years or so world population will peak at about eight billion before starting a fairly rapid decline.”
November 30th, 2008 at 12:49 pmI preemptively pity the people of Georgia for re-electing this buffoon.
November 30th, 2008 at 12:49 pmGuido the Loving OBGYN
With the help of the lying liars in the mainstream media, they have gotten away with lying about the economy for the past 8 years.
It started when an AWOL abusive alcoholic/cocaine addict chimp was fraudulently hoisted upon the American public by a media that was more interested in “catapulting the propaganda” than reporting and checking facts.
The repugs have used chimpy to lie about the economy since he tossed his hat in the ring. The economy was bad in 2004, yet the media constantly reported it as “strong”.
This has happened throughout this administration.
The bigger question is who repeats the repug lies, creating an “echo-chamber” of double-speak.
Even more important, why do they do it and what can we do about it.
November 30th, 2008 at 12:52 pmSaxby Chambliss + FOX = Festooned with lies and half lies.
¶ AIO
November 30th, 2008 at 12:57 pmIf Chambliss does win, you just know that the Rethugs will claim that this is the beginning or their comeback and try to act like 2006 & 08 never happened.
¶ AIO
November 30th, 2008 at 1:01 pmalphainfinityomega
Worse than that – they will proclaim it a national mandate and full-justification for total gridlock and a historic and excessive use of the filibuster.
November 30th, 2008 at 1:04 pmSaxby almost has the technical definition of a recession right, but as usual with the GOP is WRONG!!!
The rule of thumb is two consecutive quarters of negative RGDP growth, not negative RGDP. Negative RGDP is impossible.
According to the BEA there two of the last four quarters and three of the last seven had negative RGDP growth.
One reason for positive RGDP growth in the second quarter is the federal government economic stimulus checks people spent, thus supporting aggregate demand and output.
November 30th, 2008 at 1:04 pmhttp://www.martinforsenate.com/
Let’s go, people.
November 30th, 2008 at 1:06 pmGOTV
Talk of a recession……how ridiculous.
Here in West Palm Beach FL everyone in this area has been in a recession for a couple years. Most have moved into a depression. No one has a job. No money. People sharing meals when they have the food. No one shopping. I’m not talking the compete reversal of fortunes as in homelessness but people here are barely hanging on.
I lost a job I had for the past couple years workign for a interior design firm and now do some part time design work but also clean houses and do some nanny work. Anything to pay the bills.
Chambliss is just another good old white boy souther redneck. The sooner we can rid ourselves of this kind of prejudicial, arrogant narcissists the sooner we can begin the healing.
I never thought I’d hate some people without ever meeting them but there are some politicians that reflect the views of some pretty ignorant people out there. The south is full of them. Not so much the west coast or the northeast.
I’d be happy if we started secession processes so the liberal minds could live separate from these barabarians. Guess my older age is showing. I just don’t have the tolerance as much anymore for idiots.
Chambliss belongs in the dirt pile with the rest of those who have dragged this country through their filth.
November 30th, 2008 at 2:18 pmMr. Chambliss:
November 30th, 2008 at 2:20 pm“How are going to know if there is a ‘recession’ or not when you are spending a considerable amount of your time golfing, using GOP donors’ money..?”
And this moran could be re-elected Senator??
November 30th, 2008 at 3:00 pmhopefully, sexy saxby will have plenty of time to study-up on the subtle nuances between the two…as he waits in the unemployment line after the run off election
November 30th, 2008 at 3:46 pmIf Chambliss is reelected on Tuesday this will prove that Georgia would elect a steaming dog turd as long as it’s running as a Republican.
November 30th, 2008 at 4:22 pmSince when is Chambliss qualified to discuss the U.S. economy? Who appointed him “economist”?
November 30th, 2008 at 5:41 pmTP – I listened closely, and he never pronounced it “defintion”. You have a typo in your title.
November 30th, 2008 at 6:05 pmwayne… he said it, at the end of the clip, at 1:28,29,30…
November 30th, 2008 at 6:40 pmBut, you know, economists disagree on the technical definition of recession, and obviously that’s what i was talking about.
There is no shortage of idiots and they are mostly Republicans. Every Republican senator and congressman is qualified to say stupid things because they say so. The race to the bottom continues.
November 30th, 2008 at 7:21 pmkaty,
He left out the second short “i” sound? He pronounced it
November 30th, 2008 at 8:14 pmdef-in-shun? You have him saying the word correctly. I’m saying TP misspelled “definition”.
Chambliss is what is called a “Southern Retard.”
November 30th, 2008 at 11:30 pmAnd you’re going to send this clueless cracker back to congress,
Georgia?
Good luck with that.
December 1st, 2008 at 11:13 amThe National Bureau of Economic Research has spoken and yes, you brain dead Republican apologist, we ARE IN A RECESSION and it started in December, 2007. So, by EVERY definition of recession you officially don’t know what the hell you are talking about.
http://www.msnbc.msn.com/id/27999557/
December 1st, 2008 at 12:44 pmAnd, I was directing my invective at Saxby. Sorry if that’s not clear.
December 1st, 2008 at 12:45 pmI wonder if the voters of rural Georgia can figure out whether they are in recession or not ?
December 1st, 2008 at 2:07 pm