Technically, the United States is in a recession. The technical definition is any time the Gross Domestic Product of the country goes negative for two consecutive quarters. Just don’t say that around the Biden White House. You’ll probably get shocked with a cattle prod if you do.
They are doing anything possible to avoid having to admit that we are indeed in a recession. That throws Joe Biden’s claims that his low joblessness numbers indicate a “booming economy”, and that’s just not what most Americans feel right now.
The White House Council of Economic Advisers Chair, Cecilia Rouse, and member Jared Bernstein have issued the following statement, “While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle. Based on these data, it is unlikely that the decline in GDP…
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