On Tuesday, Fox News’ White House correspondent Peter Doocy nailed White House Director of the National Economic Council Brian Deese after he stated that the nation is not in a recession.
Doocy mentioned that White House economic advisors previously claimed that inflation was transitory in an obvious knock on the advisor.
“The president’s economic advisers were telling us last year that inflation was going to be temporary. That’s not true,” Doocy quipped. “Now the president’s economic advisers are saying there’s not going to be a recession. Are you sure?”
“Well, let me just say this: we look at a range of data, we assess that data, and we lay it out for ourselves and for the president,” Deese said. “But you don’t have to take our word on this.”
“But the president does, right?” Doocy said.
“We also look at what outside analysts are doing, we look at every type of analysis that you could imagine,” Deese continued.
The economic advisor then pointed to reports that Citi Group, Morgan Stanley and J.P. Morgan have said there are some signs that we are not in a recession. Deese mentioned this saying “it is inconceivable for a labor market that has generated close to 500,000 jobs average monthly gains for the past six months to be in a recession.”
This could also be attributed to the fact the country has come out of a pandemic and not necessarily an indicator of positive growth.
“We analyze the data, we look at the data, we understand the significant uncertainties that exist in the global economy, including issues of war, including issues of supply chains. But we also look at what other analysts and outside observers are, and certainly I know that’s something that you and your outlets do as well.”
This follows a statement on Tuesday from White House Press Secretary Karine Jean-Pierre in which she said that the administration is looking to define whether we are in a recession based on the National Bureau of Economic Research’s (NBER) reporting. The same bureau labeled the 2008 recession almost a year late.
The official definition of a recession, which the Biden administration is trying to obfuscate, is defined by two quarters of consecutive quarters of negative Gross Domestic Product growth.
The White House is looking to NBER to define the recession since they use different indicators. In a blog post, they argued that their report shows that economy has actually shown “strong growth.”
On Thursday, the U.S. Bureau of Economic Analysis (BEA) will release their report showing whether we have had a second quarter of negative GDP growth. It is likely that it will.
Instead of fixing the problems facing Americans the Biden administration is attempting to change the definition of a recession. How does that make sense? It’s just another case of liberals moving the goal posts when things don’t go their way.