The White House has been challenging a commonly-used definition of “recession” in advance of economic data coming out Thursday, but one economist took the air out of the administration’s argument with a single graph.
Biden administration officials, including Treasury Secretary Janet Yellen and Economic Adviser Brian Deese, have argued that even if second quarter GDP data scheduled to be released Thursday show negative growth for a second successive quarter, the economy is still not in a recession. Back-to-back quarters of negative growth is what many people think of as the definition of “recession,” and indeed is included in Google’s definition.
The Daily Caller was founded in 2010 by Tucker Carlson, a 20-year veteran journalist, and Neil Patel, former chief policy advisor to Vice President Cheney, The Daily Caller is one of America’s largest and fastest-growing news publications. Our team of experienced, full-time reporters and editors works around the clock to deliver award-winning original reporting, in-depth investigations, entertainment, thought-provoking commentary and up-to-the-second breaking news. Visit https://dailycaller.com