President Biden is being slammed by conservatives for allegedly attempting to ‘gaslight’ the American people about the recession.
Republicans accuse President Biden and his administration of “gaslighting” the American people into believing that the country is not in a downturn.
The US economy dropped by 0.9% in the most recent quarter, putting the country into a technical recession for the second time in a row.
The White House Council of Economic Advisors noted that even if the GDP figure is negative, it is still “unlikely” to be an indicator that the country is in a recession prior to the July 28 advance estimate of the country’s GDP.
Even if the first-quarter GDP drop is followed by a second-quarter drop, the White House says, “it is hard to signal a recession” on the basis of these numbers.
According to Biden, the US economy “is not in a recession,” and it’s a “no surprise that the economy is slowing down.”
In spite of what Vice President Joe Biden and his administration would have you believe, Consumers’ Research executive director Will Hild told Fox News Digital that the United States is in a recession.
This is the White House’s current calculation on whether or not we’re in a recession based on the fact that there isn’t a lot of unemployment.
It is widely accepted that “broad-based weakening” of the economy, including job losses and firm closures, constitutes a true recession, according to Janet Yellen, the Treasury Secretary, in a press conference on July 28.