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Conservative groups slam President Biden for attempting to 'gaslight' Americans on recession
‘Recession or no recession’ tempo of economy is good: OceanFirst CEO
OceanFirst Financial president and CEO Christopher Maher analyzes if the economy is truly in a recession on ‘The Claman Countdown.’
Conservative groups are slamming President Biden and his administration for attempting to "gaslight" Americans into believing that the country isn't in a recession.
The country entered a technical recession as the U.S. economy shrank by 0.9%, meaning that the country has seen a negative gross domestic product figure for a second straight quarter.
Prior to the advance estimate of the country's GDP on July 28, the White House Council of Economic Advisors said that even if the figure is negative, it's still "unlikely" to be an indicator that the country is in a recession.
"Based on these data, it is unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession," a post on the White House website states.
US ECONOMY ENTERS TECHNICAL RECESSION AFTER GROWTH TUMBLES 0.9% IN THE SECOND QUARTER