“We should avoid a semantic battle” said Janet Yellen yesterday. “A what?” In short it seems what the Treasury Secretary means is that we should not use the word “recession.”

That is a shame, because people, including Yellen’s boss, used to like to use the word a lot. In October 2020, when he was running for office, Joe Biden said “President Obama and I left Donald Trump a booming economy – and he caused a recession. He squandered it just like he has everything else he’s inherited in his life.” He said the same thing in September 2020, claiming that American was in a “recession created by Donald Trump’s negligence.”

Fast forward a couple of years and The White House is now reframing the meaning of the word and warning us all not to use it. It is true that until yesterday it was generally agreed that two straight quarters of negative GDP growth was the common definition of a recession. But yesterday President Biden said, “That doesn’t sound like a recession to me.” This fact should surprise no one.