The Biden Administration Says US Not in a Recession, but Federal Statutes Say Otherwise. Who is Right?

In Analysis by Michael Rae

As expected, the United States posted negative growth for the second consecutive quarter, according to government data released on Thursday.
“Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter,” the US Bureau of Economic Analysis announced.
The news prompted many outlets, including The Wall Street Journal, to use the R word—recession, which historically has been commonly defined as “economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

The White House does

Read more at The Independent Institute