AGAIN insists two negative quarters of GDP growth is NOT ‘technical’ definition of recession
Posted BY: Daily Mail
The White House is doubling down on its argument that two quarters of economic decline does not mean a recession as President Joe Biden’s administration braces for tough GDP numbers coming out on Thursday.
National Economic Council Director Brian Deese spent most of Tuesday’s White House press briefing making the case that, while the economy is slowing, it is not in a recession.
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He argued the administration’s goal was ‘transitioning from an historically strong recovery into a period of more stable and steady growth.’
‘We are in that period of transition right now,’ he said and argued the United States is ‘in a stronger position than virtually any other country in the world.’