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Treasury Secretary Janet Yellen claimed that the United States economy is not in a recession but rather a “period of transition in which growth is slowing.”
When pressed by NBC host Chuck Todd over the weekend, Yellen said that “growth is slowing” — even though output appears to be turning negative for a sustained period of time. The remarks come ahead of the Bureau of Economic Analysis publishing an advanced estimate of second quarter Gross Domestic Product (GDP) growth later this week — a reading that is expected to show that the economy shrank at a 1.6% annualized pace from April to June.
Because the economy likewise contracted at a 1.5% rate in the first quarter, the United States may have experienced two consecutive quarters of negative growth — meeting the rule-of-thumb definition for a recession. Yellen — who admitted last month that she was “wrong” about the “path that inflation would take” — dismissed such claims.
“This is not an economy that’s in recession,” she told Todd. “But we’re in a period of transition in which growth is slowing and that’s necessary and appropriate and we need to be growing at a steady and sustainable pace. So there is a slowdown and businesses can see that and that’s appropriate, given that people now have jobs and we have a strong labor market.”
Read more at The Daily Wire
A turd by any other description still stinks. When money we earn does not purchase as many goods and services as it used to, it is a recession. We are tired of the double speak and being lied to. Government needs to spend less so our money is worth more.
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Ha, we are in another “transition”! I think the last one was ‘inflation’ was transitory, or was that ‘gas prices’, or ‘food shortages’, or whatever excuse is handy. The transition needs to be out of this current admin ASAP.
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Recession::
A recession is a significant decline in economic activity that lasts for months or even years. Experts declare a recession when a nation’s economy experiences negative gross domestic product (GDP), rising levels of unemployment, falling retail sales, and contracting measures of income and manufacturing for an extended period of time. Recessions are considered an unavoidable part of the business cycle—or the regular cadence of expansion and contraction that occurs in a nation’s economy.
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