August 9, 2022

Biden economic advisor claims Oughout. S. is faring better than other countries ‘where there’s famine’

AGAIN insists two negative quarters of GDP growth is not really ‘technical’ definition of recession

The  Whitened House  is doubling down on its argument that two quarters of economic decline does not mean a recession as President  Joe Biden’s administration braces for tough GROSS DOMESTIC PRODUCT numbers coming out on Thursday.

Nationwide Economic Council Director John Deese spent most of Tuesday’s White House press briefing making the case that, while the economy is slowing, it is not in a recession.

He argued the administration’s goal was ‘ transitioning from an historically solid recovery into a period of more stable and steady development. ‘

‘ We are in that period of changeover right now, ‘ he stated and argued the United States will be ‘ in a stronger place than virtually any other country in the world. ‘

The management has struggled to make the situation that the economy is not in the ‘ technical recession’ – which is defined as two quarters of economic slowdown.  

Thursday’s quarterly gross domestic product information could show a second quarter in a row of economic decline.   The first-quarter GDP for 2022 dropped at a 1 . 5% yearly pace – worse than expected.

The Biden team points towards the high job growth in the united states, which is typically a sign associated with economic strength. But , at the other end of the financial spectrum, consumers are facing the best inflation in 40 years as well as the Fed is expected to increase interest rates again on Wed, making it more expensive to get a vehicle or home loan.

Deese said despite the inflation the U. S. is much better off compared to countries going through a ‘ famine. ‘

‘ Obviously, the high prices are hitting Americans very hard, but most are in a way that is different for some areas that are facing famine, ‘ he said.  

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