Fox's Varney Dubiously Claims US Is “Sliding Toward Recession” After Economy Grows Slightly Less Than Expected
Stuart Varney: “It Is Legitimate To Use The Word Recession” Despite Seven Consecutive Quarters Of Economic Growth
Fox Business host Stuart Varney misleadingly used the Commerce Department's most recent economic growth estimat
On the April 28 edition of Fox Business’ Varney & Co., Varney used the Commerce Department’s quarterly GDP rep
The last recession, which the National Bureau of Economic Research defines as “a significant decline in economic activity spread across the economy, lasting more than a few months,” began in December 2007 and ended in June 2009. According to data from the Bureau of Economic Analysis, first quarter economic growth has typically lagged behind growth for the rest of the year since the economy emerged from the Bush-era Great Recession:
Varney’s warning that a recession may be imminent does not match expert analysis. On April 28, The Washington Post reported that “most analysts say that the United States faces little risk of recession.” Reuters reported
Varney is a serial misinformer on the economy, repeatedly attempting to spin data to claim President Obama’s economic policies have failed, even though the president’s economic legacy of the last seven years shows the unemployment rate has been cut in half, annual deficits have gone down, GDP has grown, and the United States enjoyed the third-longest stock market upswing in its history. Varney’s spin on economic data has gone so far that on December 4 -- in response to a strong November jobs report that beat most economists' expectations -- he managed to conclude that the pace of job creation was “mediocre,” and on January 8 he downplayed the December jobs report as merely “modest” even though it was arguably the strongest jobs report of 2015.