President Biden said 'God willing' the United States is 'not coming into a recession,' ahead of a looming GDP report that will likely show the economy has slowed for two consecutive quarters.
on Monday said, "God willing," the United States is "not coming into recession," ahead of the upcoming report that could show another negative GDP quarter.The president was asked how worried Americans should be about a looming recession, as the Biden administration waits for the GDP report amid recession fears.
WHITE HOUSE SAYS A SECOND CONSECUTIVE QUARTER OF NEGATIVE GDP 'UNLIKELY' TO BE INDICATIVE OF RECESSION President Joe Biden speaks about the COVID-19 relief package in the State Dining Room of the White House, March 15, 2021, in Washington."But I don't think we're going to — God willing — I don't think we're going to see a recession," Biden said.But in a blog post on July 21, the White House Council of Economic Advisers said that two consecutive quarters of falling GDP doesn't mean the country is in a recession.
Citing figures from the National Bureau of Economic Research, the post states that their "recession indicator variables" have "exhibited strong growth in the U.S. economy since the start of the pandemic, and have continued to expand through the first half of this year."Even if the Bureau of Economic Analysis' advance estimate of the second quarter GDP shows a negative number, the blog post says the country is likely not in a recession.
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