…when America experienced two consecutive quarters of decline in gross domestic product—the traditional definition of a recession. In the first quarter of 2022, inflation-adjusted GDP declined in the U.S. by 1.6%, and it declined by an additional 0.6% in the second quarter of that year.
The White House tries to spin economic straw into political gold.
The White House doesn’t have much good economic news to report these days, so sometimes it pretends that the straw it’s selling is really gold. That was the case Friday when President Biden and his economic advisers claimed that a $1.4 trillion budget deficit for fiscal 2022 was a great fiscal and economic success.
Back-to-back negative quarters signal the U.S. is in recession. Cue the downplaying from Democrats and the corporate media.
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