The Biden administration has downplayed the poor economic news as signaling an economic transition out of a fast-paced, post-pandemic recovery to a more stable environment. The White House’s claims come as Americans continue to be battered by inflation, which measured over 9% in June.
On Thursday morning, the U.S. Bureau of Economic Analysis released data showing that the U.S. economy shrank for the second straight quarter, satisfying the traditional requirement of a recession. Biden addressed the somber economic news in remarks opening a round table with business leaders and top administration officials, including Treasury Secretary Janet Yellen.
“It’s important to start with