President Joe Biden and some of his top administration officials, including Treasury Secretary Janet Yellen and National Economic Council Director Brian Deese, have spent recent days attempting damage control ahead of what could be another negative economic report.
"We're not going to be in a recession, in my view," Biden himself told reporters Monday."The unemployment rate is still one of the lowest we've had in history. It's in the 3.6 area. We still find ourselves with people investing. My hope is we go from this rapid growth to a steady growth, and so we'll see some coming down, but I don't think we're going to, God willing. I don't think we're going to see a recession.
"We’re in a period of transition in which growth is slowing, and that’s necessary and appropriate," she stated."I'm not saying that we will definitely avoid a recession, but I think there is a path that keeps the labor market strong and brings inflation down."published a blog post over the weekend specifically rebutting the definition of a"technical" recession.
"Even following the administration's request to take 'a holistic look at the data' still indicates the economy is in recession," he said in a statement."Historic inflation, a declining labor force, cratering financial markets, and record-low consumer confidence only bolster recession indications. No matter how the administration tries to slice it, the economy is in recession, and the Biden administration only has itself to blame.
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