Monday, July 25, 2022

Is The U.S. In A Recession? White House Now Redefining What A Recession Is

Daily Mail: Has COVID gone to his head? Blase Biden dismisses recession fears - despite record inflation and nation bracing for second quarterly drop in GDP this THURSDAY 

* White House is insisting that two quarters of economic decline isn't a recession - even though it meets the technical definition of one 

* ‘We're not coming into recession in my view,' Biden said 

* 'In terms of the technical definition, it's not a recession, the technical definition considers a much broader spectrum of data points,' Brian Deese told CNN 

* GDP data for second quarter is out on Thursday 

* Some predicting another quarter of decline 

* White House trying to get ahead of the numbers 

* On Wednesday, Fed Reserve expected to increase interest rates again resident 

Joe Biden on Monday said the country is not going into a recession, doubling down on his administration's insistence that two quarters of economic decline isn't one - even though it meets the technical definition. 

‘We're not coming into recession in my view,' he told reporters during a virtual meeting at the White House. 

'The employment rate is still the lowest we've had in history. My hope is we go from this rapid growth to steady growth. And so we'll see we'll see some coming down. But I don't think we're going to, God willing, I don't think we're gonna see a recession,' he said. 

Read more .... 

 Update #1: Biden Team’s Take on ‘Technical Recession’: It’s Not a Real One (Bloomberg)  

Update #2: White House economic adviser slammed for trying to redefine 'recession' on CNN: 'Gaslighting Americans' (FOX News) 

WNU Editor: The American public is going to learn this Thursday if the U.S. is in a recession. By the reaction of White House officials today, it looks like they already know what are the economic indicator numbers.

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