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"it is what it is" 

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?

It is what it is.

I was going to go out tonight but we are in lockdown. Eh, it is what it is.

it is what it is 

That's just the way things are, like it or not.
"I hate how the government feels like they have to monitor our every move."
"Hey, it is what it is."
it is what it is by Jack324 January 14, 2009

WHAT IT IS 

askin one how are they,or what have they been up to.
MAN1:what it is wit u?
MAN2: nig i can't call it..

FEMALE1:WHAT IT IS?
FEMALE2:SAME OL...NUTIN NEW
WHAT IT IS by Z.S. April 4, 2008

it is what it is 

an accepted euphemism for 'i fuck my pets'. mainly used in a business setting, where swearing would not be acceptable.
boss: it is what it is.
employee: you sick bastard.
it is what it is by bigtrick February 27, 2011

It is what it Is 

in a nutshell, it means "this is the way its going right now, and thats how it is." kind of a way to say: dont overthink the situation. a reminder to keep things simple, dont overanalyze things, or a way to put a definition on something thats hard to explain.
Friend: "So what's the deal with you and Bobby? I thought you guys were together, but then someone said you broke up, and then somebody else told me you were broken up but 'friends with benefits' So what's the true relationship status?
Girlfriend: it is what it is.