Biden fights talk of recession as key economic report looms.
The Biden administration is pre-emptively telling voters not to judge the economy by GDP oralone. It says 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. The president maintains the economy is just cooling off after a sharp recovery from the 2020 recession caused by the“We’re not going to be in a recession, in my view,” Biden said Monday.
“The White House published a whole explanation insisting that even if the new data suggest that our country is in recession, we actually won’t be,” Senate Republican Leader Mitch McConnell said in Monday in a speech to the Senate. “You’ll have Republicans saying two consecutive quarters of negative growth — that’s a recession,” said Michael Strain, director of economic policy studies at the center-right American Enterprise Institute. “And you’ll have Democrats making this kind of hard to follow argument that we’re not in recession, but, yes, we are slowing down. If I had to bet, I would bet that the Republican argument gets more traction.
The negativity has left the Biden administration trying to make the case that things are better than people think. Their argument starts with the torrid pace of hiring, with an average of 375,000 jobs being added monthly during the second quarter. Unemployment has held at 3.6% since March.
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