The White House wants to redefine what recessions are as an ill-performing economy has threatened the Biden administration in the second quarter with possible backlash.
Government pundits are trying to condition Americans for the results of his rather poor economic policy that led to this downturn.
US Prepares for Recession
Treasury Secretary Janet Yellen is one of the leaders in disputing the idea that a recession will convert the US economy into goulash, arguing that nothing is decreasing, reports Sputnik News.
In the lead-up to the release of the GDP statistics, which is expected to be negative again after a reduction in the first quarter, the administration is hastily scrambling to reinterpret what characterizes a recession so it won't get boomeranging, noted Arab News 24.
The first quarter of US economic indicators indicates a contraction of 1.4 percent, while the Federal Reserve anticipates a second-quarter reduction of 1.6 percent.
The White House argues on its official blog that the economy is not experiencing a recession despite the projected decline in GDP growth as an ill-performing economy during the second quarter.
Such a notion contradicts the benchmarks often used by economists and some previous administrations, which declared recessions after two consecutive bad quarters, citing Politico.
Recession Defined
On the other hand, a recession can be defined more broadly by the National Bureau of Economic Research as a considerable lag in economic activity that affects the entire economy and lasts for a few months.
The same department also outlines other variables to keep in mind before identifying a recession, such as inflation-adjusted income, job numbers, public consumption levels, and the tempo of industrial production.
President Biden denies the National Bureau of Economic Research's criteria and parameters that the US is not experiencing negative growth.
High petrol prices that threaten to infect the Democrats with the Potus toxicity are predicted to launch a slaughter in November, notwithstanding the severe economic downturn.
Despite high prices exceeding 9%, current consumption, output, and employment levels are as high as one can imagine, implying that the economy is not in jeopardy.
Additionally, the US Treasury echoed the president's argument that the US economy is doing better than ever, saying that the slight slowdown is not a sign of a bad growth period, providing evidence to support the claim that the 2021 coronavirus pandemic is a consequence.
It is not widely accepted as reality is detached from Democrats
Many Americans, including supporters of the Democratic Party, do not accept the oil companies' blame for Putin's price increase when they consider the overall picture.
By providing the GOP with the opportunity to sweep the Democrats out of the Senate and Congress in the 2021 midterm elections, Biden has given the GOP a gift.
There's less of a chance the White House could stop the rampaging recession that will wreck the ill-performing economy of the US.
