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The '2002 Recession' started under Clinton
Posted on: September 11, 2018 at 13:30:35 CT
Spanky KU
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The Bush administration's claim that it inherited a recession from Clinton became somewhat more credible, when the Commerce Department revised its estimates of GDP, the broadest measure of economic growth, in the first, second and third quarters of 2001, showing that it shrank in all three quarters.
Earlier estimates found economic activity contracted in only the third quarter of 2001, due mostly to a dramatic, temporary slowdown in activity after the Sept. 11 terror attacks.
Since one rule-of-thumb definition of a recession is two or more consecutive quarters of shrinking GDP, it became possible, based on the revised data, to say a recession began in January 2001.
Earlier estimates found economic activity contracted in only the third quarter of 2001, due mostly to a dramatic, temporary slowdown in activity after the Sept. 11 terror attacks.
Since one rule-of-thumb definition of a recession is two or more consecutive quarters of shrinking GDP, it became possible, based on the revised data, to say a recession began in January 2001.
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The '2002 Recession' started under Clinton - Spanky KU - 9/11 13:30:35