The Biden administration said last year that inflation was transitory — before 13 straight months of rising costs cemented the trend. Now, after misreading the threat of inflation, the White House is pushing back against a technical framing of a recession ahead of an expected second straight quarter of economic decline.
The Bureau of Economic Analysis will release a preliminary estimate Thursday of whether the economy grew or shrank in the year’s second quarter. This number fell over the first quarter, and a consecutive contraction is one indicator of an economic recession. Asked whether the White House’s pushback over a technical definition “missed the point” of many people’s economic suffering, Biden’s press secretary responded that the administration was working to bring down costs for the public before beating back talk of a recession.
For now, White House officials have pushed firmly back on the claim that two consecutive quarters of economic contraction indicate a recession.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump vs. Biden, and Biden vs. Trump: Let’s Call the Whole Thing OffIs this week’s news cycle a preview of what we are to be consigned to for the next couple of years—an endless round of duelling speeches and duelling realities from our 45th and 46th Presidents?
Source: NewYorker - 🏆 90. / 67 Read more »
Biden speaks with China's Xi for over 2 hours amid tensions with TaiwanThe call between President Biden and Chinese President Xi Jinping came amid heightened tensions over Taiwan.
Source: CBSNews - 🏆 87. / 68 Read more »
China’s Xi Warns Biden over Taiwan as a Pelosi Trip Injects New TensionsChinese leader Xi Jinping warned President Biden about relations with Taiwan, as a possible trip to the island by House Speaker Nancy Pelosi adds new tensions to strained relations
Source: WSJ - 🏆 98. / 63 Read more »
Xi gives Biden fiery warning on Taiwan during call, Beijing saysThe conversation between the leaders comes amid President Joe Biden’s move to shift U.S. reliance on Chinese manufacturing, including legislation passed to encourage companies to build more high-tech plants in the U.S.
Source: KTVU - 🏆 465. / 53 Read more »
Xi warns Biden not to 'play with fire' amid tensions over TaiwanChinese president Xi warns his US counterpart Biden not to 'play with fire' amid mounting tensions over Taiwan during a virtual summit that lasted for two hours
Source: trtworld - 🏆 101. / 63 Read more »
LIVE: Biden gives remarks; US economy shrinks for a 2nd quarter, raising recession fearThe decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March.
Source: AKNewsNow - 🏆 460. / 53 Read more »