Republicans warn that the GDP report could show an economy in collapse, noting that Biden was also wrong on inflation as the consumer price index has jumped to a 40-year high despite assurances that the price increases would fade as the country moved past the pandemic. Biden’s team gave technical arguments in a report issued last week about how recessions depend on a dashboard of indicators and that only the non-governmental National Bureau of Economic Research can formally say when a downturn begins. The specter of a recession could worsen what already appears to a bleak round of midterm elections this November, in which Biden’s Democrats could possibly lose control of the House and Senate. “My hope is we go from this rapid growth to steady growth.” “We’re not going to be in a recession, in my view,” Biden said Monday. The president himself maintains the economy is just cooling off after a sharp recovery from the 2020 recession caused by the coronavirus pandemic. They say people should look at job gains, industrial output and other measures that point toward continued growth, even as Americans are downbeat in polls on the economy and Biden. He added that “the most important question economically is, whether working people, and middle class families, have more breathing room.”ĭeese and other members of the Biden administration are pre-emptively telling voters not to judge the economy by GDP or inflation alone. “Two negative quarters of GDP growth is not the technical definition of recession,” National Economic adviser Brian Deese insisted during Tuesday’s White House press briefing. The White House is disputing that benchmark, but it will likely otherwise prove political chum for Republicans in an election year.
Top forecasts such as the Atlanta Federal Reserve’s GDPNow are predicting that the figure will be negative for the second straight quarter - an informal signal that the country is stuck in a downturn. The Commerce Department on Thursday will release new gross domestic product figures. is not, in fact, heading into a recession. (AP Photo/Susan Walsh)įacing a potentially grim report this week on the economy’s overall health, President Joe Biden wants to convince a skeptical public that the U.S. Biden, who continues to recover from his coronavirus infection, spoke virtually with business executives and labor leaders to discuss the Chips Act, a proposal to bolster domestic manufacturing. President Joe Biden listens as he attends virtually an event in the South Court Auditorium on the White House complex in Washington, Monday, July 25, 2022.
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