Administration Mobilized To Deny Economy Is Falling

All Biden Administration economists, led by Treasury Secretary Janet Yellen on Sunday, July 24, are issuing statements explaining that the recession is beyond “transitory"—it just isn’t possible. Yellen on Fox News Sunday had her teeth on edge insisting “this is not an economy in recession,” no matter what the National Bureau of Economic Research may report on July 28 about second-quarter GDP (the U.S. economy already having “officially” contracted at a −1.6% annual rate in the first quarter). “Even if that number is negative, we’re not in a recession now, and we should not be characterizing that as a recession,” she said, setting off a media flap on the administration “trying to redefine recession.” Yellen proposed that the U.S. economy is in “a slowdown,” or “a transition from rapid growth,” but never in a recession.