President Joe Biden’s White House desperately does not want Americans to think we are in a recession even if the U.S. economy contracted for two straight quarters this year.
The administration argued over the weekend that a “technical recession” does not count as a real, honest-to-goodness economic recession.
“You don’t see any of the signs now. A recession is a broad-based contraction that affects many sectors of the economy. We just don’t have that,” Treasury Secretary Janet Yellen said on Sunday. “But inflation is way too high. And, you know, the Fed is charged with putting in place policies that will bring inflation down. And I expect them to be successful.”
The U.S. economy shrank at an annual rate of 1.6 percent in