President JoeBiden risks repeating 'transitory inflation' mistake on economy before midterm elections
The Biden administration said last year that inflation was transitory — before 13 straight months of rising costs cemented the trend. Now, after misreading the threat of inflation, the White House is pushing back against a technical framing of a recession ahead of an expected second straight quarter of economic decline.
The Bureau of Economic Analysis will release a preliminary estimate Thursday of whether the economy grew or shrank in the year’s second quarter. This number fell over the first quarter, and a consecutive contraction is one indicator of an economic recession. Asked whether the White House’s pushback over a technical definition “missed the point” of many people’s economic suffering, Biden’s press secretary responded that the administration was working to bring down costs for the public before beating back talk of a recession.
For now, White House officials have pushed firmly back on the claim that two consecutive quarters of economic contraction indicate a recession.
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