Yellen Denies US Economy Is in a Recession Despite Recessionary GDP Numbers

After the U.S. economy met the rule-of-thumb definition for a recession by recording negative growth for two quarters in a row, Treasury Secretary Janet Yellen doubled down on the Biden administration’s view that America’s economy has not, in fact, fallen into a recession.
Yellen told a July 28 press conference that “most economists and most Americans” define a recession as a “broad-based weakening” of the U.S. economy that includes businesses shuttering in significant numbers and mass layoffs.
“That is not what we’re seeing right now when you look at the economy. Job creation is continuing, household finances remain strong, consumers are spending, and businesses are growing,” Yellen said….

Read the full post at The Epoch Times.

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