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IPFS News Link • Economy - Recession-Depression

Peter Schiff: The White House Recession Denial

• Zero Hedge

Via SchiffGold.com,

The economic data indicates that the US economy is already in a recession. The Biden administration wants you to think otherwise, and the White House has come up with an interesting way to deny the recession reality. Just change the definition of a recession.

Peter Schiff appeared on the Ingraham Angle with Lauren Ingraham to talk about this White House spin.

The common definition of a recession is two consecutive quarters of negative GDP growth. In the first quarter of 2022, GDP came in at -1.6 percent. The Atlanta Fed projects another -1.6% decline in Q2. That would mean we're in a recession now, and we have been all year. But White House spokespeople and Treasury Secretary Janet Yellen are quick to remind us that this is not the "technical" definition of a recession.


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