Photo: Adobe Stock
The United States has officially entered a recession after experiencing negative economic growth for two subsequent quarters. According to a report from Fox News, the U.S. economy diminished by 0.9 percent between April and June, following a 1.6 percent shrinkage between January and March.
Brian Deese, a White House economic advisor, caught heat this week from critics who pointed out that he had reportedly changed the definition of a recession to shield the Biden administration from public blowback.
On Tuesday, Deese stated during a White House press conference, “Two negative quarters of GDP growth is not the technical definition of recession. It’s not the definition that economists have traditionally relied on.”
However, economists have traditionally relied upon the definition of a recession as two contracted, back-to-back quarters of GDP activity, per Fox News.
In response to reports of the Biden administration attempting to redefine the term “recession,” Donald Trump Jr. quipped on Twitter, “Apparently The White House is changing the definition of recession this week so we can pretend we’re not in one.”
News of a recession likely comes as no surprise to many Americans who have been struggling under the burden of heavy price increases and supply chain shortages across the nation.
In July, food prices soared ahead of Independence Day, with ground beef rocketing by 36 percent, for example. Gas prices are still maintaining a high nationwide average, and a recent AAA National Average gas price report revealed that the average gallon of gas in the U.S. today is $4.27.