White House says a second consecutive quarter of negative GDP 'unlikely' to be indicative of recession

A Republican National Committee spokesperson said that this further underscores how 'out of touch' President Biden is with Americans

Adam Sabes FOXBusiness

 

The White House Council of Economic Advisers said on July 21 that even if Friday's advance estimate of the country's GDP is negative, it's still "unlikely" to be indicative that the country is in a recession.

Recessions refer to two consecutive quarters of negative economic growth.

In a blog post, the council of economic advisers says that two consecutive quarters of falling GDP doesn't mean the country is in a recession.

"What is a recession? While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle," the blog post states.

Citing figures from the National Bureau of Economic Research, the post states that their "recession indicator variables" have "exhibited strong growth in the U.S. economy since the start of the pandemic, and have continued to expand through the first half of this year."

Even if the Bureau of Economic Analysis' advance estimate of the second quarter GDP shows a negative number, the blog post says the country is likely not in a recession. Read more and see video here.

Decertify Biden’s 2020 victory, says Wisconsin Assembly election committee leader                      Daniel Chaitin / Washington Examiner

Support in Wisconsin’s State Assembly for decertifying President Joe Biden’s 2020 win in the state is growing more than 20 months after the contest.

Election committee leader Janel Brandtjen, a Republican endorsed by former President Donald Trump, released a statement on Friday prompting a rebuke from the legislator’s counterpart in the state Senate.

“Fair and honest elections are the cornerstone of our democracy and we know that the 2020 presidential election was neither fair, nor transparent,” Brandtjen said in a news release posted on Facebook. “Tyranny is at Wisconsin’s door.”

Brandtjen said she would join fellow state Rep. Tim Ramthun, a Republican candidate for governor, in pushing to overturn the last presidential election and dismissed the naysayers. “We have been told for months now that decertification is impossible, meaning there is no downside to cheating in Wisconsin elections,” Brandtjen said. “How many more times do we need to endure this election injustice?” Read more here.