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Biden Doesn't Expect US to Go Into Recession
Posted
July 25, 2022
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July 25, 2022
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0:28Now PlayingPresident Joe Biden’s administration is downplaying data due this week that could show the US economy contracted for a second straight quarter -- a development that would match one standard definition of a recession.
The administration’s message: what’s often called a “technical recession” isn’t necessarily a real one. At stake is winning a political-messaging battle with Republicans over how effective Biden’s policies have been in spurring a post-pandemic recovery.
Biden’s aides, including Treasury Secretary Janet Yellen, have fanned out in recent days in preparation for Thursday’s quarterly gross domestic product data, explaining that the formal definition of a recession is complex and runs deeper than simply two quarters of negative growth.
The president himself said, “We’re not going to be in a recession, in my view,” speaking to reporters Monday. He commented after a virtual meeting with corporate leaders to discuss a continuing shortage of semiconductors.
“My hope is we go from this rapid growth to steady growth,” Biden said, while noting that the US unemployment rate of 3.6% is historically low.
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