{"id":1576591,"date":"2022-07-28T11:48:17","date_gmt":"2022-07-28T15:48:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576591"},"modified":"2022-07-28T11:48:18","modified_gmt":"2022-07-28T15:48:18","slug":"biden-reacts-to-latest-gdp-report-thats-now-fueling-recession-fears","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-reacts-to-latest-gdp-report-thats-now-fueling-recession-fears\/","title":{"rendered":"Biden Reacts to Latest GDP Report That\u2019s Now Fueling Recession Fears"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-reacts-to-latest-gdp-report-thats-now-fueling-recession-fears%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1576591&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a> on Thursday responded to a report showing the economy shrank for a second consecutive quarter, which by some definitions, means the United States has technically entered a <a href=\"https:\/\/www.theepochtimes.com\/t-recession\">recession<\/a>.<\/p>\n<p>The Bureau of Economic Analysis said Thursday that gross domestic product, or GDP, shrunk 0.9 percent at an\u00a0annualized pace for the second quarter, following a 1.6 percent decline in the first quarter.<\/p>\n<p>\u201cComing off of last year\u2019s historic economic growth\u2013and regaining all the private sector jobs lost during the pandemic crisis\u2013it\u2019s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,\u201d Biden said in a statement after Thursday\u2019s figures were released. \u201cBut even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure.\u201d<\/p>\n<p>Biden then said the U.S.\u00a0 job market \u201cremains historically strong\u201d and \u201cconsumer spending continues to grow.\u201d<\/p>\n<p>Officially, the National Bureau of Economic Research (NBER) is the entity that declares recessions and expansions. It\u2019s not clear when the organization will make its official judgment on the state of the U.S. economy.<\/p>\n<p> Definition <\/p>\n<p>The White House and some legacy news outlets have been criticized for downplaying the risk of a recession and attempting to change the common definition of a recession.\u00a0A second straight negative GDP posting is a long-held view that an economy is technically in a recession.<\/p>\n<p>\u201cTwo negative quarters of GDP growth is not the technical definition of recession,\u201d National Economic Council adviser Brian Deese told reporters on Tuesday. \u201cThe most important question economically is whether working people and middle-class families have more breathing room.\u201d<\/p>\n<p>Consisting of eight prominent economists, NBER has previously said that it relies on more data than just GDP to determine whether a recession is occurring or not. Those factors include unemployment, consumer<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden on Thursday responded to a report showing the economy shrank for a second consecutive quarter, which by some definitions, means the United States has technically entered a recession. The Bureau of Economic Analysis said Thursday that gross domestic product, or GDP, shrunk 0.9 percent at an\u00a0annualized pace for the second quarter, following [\u2026]<\/p>\n","protected":false},"author":58,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1576591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1576591"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1576591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1576591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1576591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1576591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}