Not from the Onion, however reasonably from the Day by day Sign, mouthpiece of the Heritage Basis:
The Treasury Division underneath President Joe Biden has refused at hand over paperwork displaying how officers determined to change the definition of a recession after the primary two quarters of 2022 noticed declines in gross home product, the normal definition of a recession.
The Heritage Basis filed a Freedom of Data Act request on July 6, asking Treasury for inside communications containing the phrases “recession,” “alternative definition of recession,” and “alternative recession measurements.” (The Day by day Sign is The Heritage Basis’s information outlet.)
Right here’s the lawsuit cowl web page.
I suppose it’s fascinating to know what Treasury thinks alerts a recession, however as a foundation for a lawsuit, I feel it’s a fairly foolish.
I’ve by no means labored at Treasury, however I talked to lots Treasury economists whereas at CEA, and I’m fairly certain the economists there are conscious that the NBER is essentially the most official arbiter of recessions within the US. Simply sayin’.
