ADVERTISEMENT

VIDEO: Biden Admin Puts the Spin on ‘Recession’

• July 28, 2022 2:20 pm

SHARE

The U.S. economy shrank by an annual rate of 0.9 percent in the second quarter, the Commerce Department announced Thursday, marking the second-straight quarter of negative GDP growth.

But while this decline fits the "common definition" of recession, according to Treasury Secretary Janet Yellen, the Biden administration has tried desperately to redefine the term.

"That doesn't sound like a recession to me," President Joe Biden told reporters on Thursday.