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The White House, Argues That The Economic Situation In The United States Is Not Dire



White House

(CTN News) – A full schedule of events and a well-coordinated message sent by the White House in response to the decline in second-quarter GDP were coordinated in order to convey the message that the U.S. economy is not in a recession.

There were two public appearances by Vice President Joe Biden on Thursday. He delivered the same carefully crafted remarks both times.

Current low unemployment rates, coupled with increased investment in manufacturing, make it impossible for the economy to be in recession, according to him.

A speech billed as a discussion of the latest budget bill in Congress opened with Biden laying out the facts about the economy.

According to him, there is a record job market, a 3.6% unemployment rate, and more businesses are investing in America at a record rate. He listed some companies planning factories in the U.S. before concluding, “That doesn’t sound like a recession to me.”

The latest GDP data, however, sounded a lot like a recession outside the White House bubble.

According to the Bureau of Economic Analysis of the Commerce Department, gross national product has declined for two consecutive quarters. In this case, we are in the midst of a recession.

It is unlikely that the National Bureau of Economic Research will rule on recessions until months from now.

At a roundtable event later that day, Biden met with five heads of major companies to also showcase the country’s economic strength.

Corning, Marriott International, Bank of America, TIAA and Deloitte were all present, including Marriott’s Tony Capuano and Corning’s Wendell Weeks.

According to White House, Federal Reserve Chairman Jerome Powell said Wednesday that the economy is not in a recession because “too many areas of economic growth are performing well.”

White House neglected to mention that Powell was speaking moments after the Fed announced its second 0.75 percentage point rate hike in as many months, making this the first time in the central bank’s modern history that it has had two three-quarter point rate increases in a row.

Among the prominent figures who spoke to the cameras Thursday, White House was not the only one who claimed that the U.S. economy is not in recession.

Between the president’s two appearances, Treasury Secretary Janet Yellen held a rare, stand-alone press conference.

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