Yellen Says We Are NOT In a Recession, But a Different Situation Entirely

Public Domain

 

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 

Loading...

Latest Comments

  1. Robin Boyd July 31, 2022
  2. Angelia Morrell July 29, 2022
  3. Natalie Robinson July 28, 2022
  4. Megan Raymond July 28, 2022
  5. Cynthia Kaiser July 28, 2022
  6. WORK AT HOME July 28, 2022
  7. ChristiWard July 27, 2022
  8. Www.SmartJob1.com July 27, 2022
  9. DarlaHill July 27, 2022
  10. DarlaHill July 27, 2022
  11. Kimberly Neal July 27, 2022
  12. USA onlinejobs July 27, 2022
  13. Www.SmartJob1.com July 26, 2022
  14. Avy115 July 26, 2022
  15. Gerald Ladd July 26, 2022
  16. maceh99570 July 26, 2022
  17. maceh99570 July 26, 2022
  18. tscdave July 26, 2022
  19. Laura Mitchell July 26, 2022
  20. Ashley Diaz July 26, 2022
  21. DennisBAnderson July 26, 2022
  22. harry jackie usa July 26, 2022
  23. Julia Pearson July 26, 2022
  24. Chainlink700rt July 26, 2022
  25. Sarah Elizabeth July 26, 2022
  26. USA onlinejobs July 26, 2022
  27. Www.SmartJob1.com July 25, 2022
  28. Avy July 25, 2022

Leave a Reply