Economics
Biden Team’s Take on ‘Technical Recession’: It’s Not Real
- President says ‘we’re not going to be in a recession’
- Report could show US had two straight quarterly GDP declines
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President Joe Biden’s administration is downplaying data due this week that could show the US economy contracted for a second straight quarter -- a development that would match one standard definition of a recession.
The administration’s message: what’s often called a “technical recession” isn’t necessarily a real one. At stake is winning a political-messaging battle with Republicans over how effective Biden’s policies have been in spurring a post-pandemic recovery.