Economist slams Facebook for fact-checking recession post

A prominent economist has rebuked a post on Facebook for labeling it fact-checking, saying the US has entered a recession, despite President Biden’s refusal to publicly acknowledge it.

“We live in an Orwellian hell-rape,” Tweeted Dr. Philip Magnes, director of research and education at the liberal think tank American Institute for Economic Research, on Thursday. “Facebook is now doing a ‘fact check,’ which calls into question the White House’s word-play about the definition of a recession.”

Magnus shared a screenshot from his Facebook account on his Twitter page, showing that “independent fact-checkers” had been reviewing his post on the social media site since July 24, and found that it was “partly Incorrect”, resulting in a notice being added. For this.

Facebook warned that “people who repeatedly share false information may make their posts in News Feed less likely for other people to see them.”

Magnus, director of research and education at the American Institute for Economic Research, took to Twitter to express his disappointment.
Twitter / @PhilWMagness

The correction comes after Biden last week denied that the US was in a recession, despite new data showing GDP contracted for the second quarter in a row, meeting the long-accepted definition of a recession.

Speaking to reporters on Thursday, the president sought to downplay the troubling report and focus on the near-record-low unemployment numbers and his administration’s progress in overcoming rising inflation.

“It doesn’t sound like a recession to me,” he said, prompting GOP leaders to accuse the nation of “gaslighting,” after the Republican National Committee declared the GDP report a sign of “Biden’s recession.”

Economist Philippe Magnus Accused Of Being On Facebook &Quot;Orwellian&Quot; His Post Declaring A Recession In America Was Later Fact-Checked And Partially Misquoted.
Economist Philippe Magnus accused Facebook of being “Orwellian” because his post announcing the US was in recession was fact-checked and partially falsely labeled.
american institute for economic

Other top administration officials followed Biden’s lead in dismissing reports that the economy was shrinking at an annualized rate of 0.9%, after a 1.6% decline in the first quarter.

“We must avoid a meandering fight,” Treasury Secretary Janet Yellen told reporters last week, adding that Americans’ “biggest concern is with inflation” and that they are generally concerned about their ability to find jobs and stay employed. I feel good.

Whether or not the US is technically in recession is usually determined by the National Bureau of Economic Research (NBER), a private, non-profit research organization based in Cambridge, Mass.

A week before negative GDP report was released, the White House fired a preemptive blog post Denying that two consecutive quarters of fall in GPD was the official definition of recession.

The post’s author said that “aggregate data” such as “labor markets, consumer and business spending, industrial output and income” are included in the true definition of a recession.

President Biden Last Week Tried To Downplay A New Report That Showed Gdp Contracted For The Second Quarter In A Row.
President Biden last week tried to downplay a new report that showed GDP contracted for the second quarter in a row.

“Based on these data, it is unlikely that a decline in GDP in the first quarter of this year – even if there was a further decline in GDP in the second quarter – indicates a recession,” the post said.

Magnus, who has been critical of Biden’s handling of the economy in the past, wrote in a Op-Ed Piece for Wall Street Journal on July 27, in which he accused the White House of “playing a word game” instead of tackling the underlying economic problems.

“The White House’s attempt to forge its way around the recession reflects the dangers of politicizing economic terms,” ​​he wrote. “Mr Biden’s economic advisers are trying to buy time by taking advantage of the otherwise defensive methodology of the NBER. He hopes doing so will help protect the administration from electoral backlash in the event of a recession.

On Saturday, Magnus took to Twitter to hit out at the administration, accusing the White House and the news media of hypocrisy.

“Recession. N. 1. Negative GDP growth for 2 consecutive quarters when the media dislikes the President. 2. A vague, overall, non-defined situation that you are not allowed to talk about until the NBER is now After a year no one takes a decision, provided the media likes the President,” he jokingly wrote.

According to a June poll by the AP-NORC Center for Public Affairs Research, nearly 8 in 10 Americans described the US economy as poor and nearly 7 in 10 disapproved of Biden’s economic leadership.

post with wires

Leave a Comment

%d bloggers like this: