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1.
An expression used by people when they are attempting to be insightful but either have no clue what to say next, are incapable of coming up with something meaningful/intelligent to say, or would prefer to change the subject altogether.
Dan: Wow, the economy totally sucks right now, how do you think the rising unemployment rate will effect consumer spending power?

George: Well, people don't have jobs, that sucks, but "it is what it is" you know?
by Scorp16989 March 13, 2009