“We’re not going to be in a recession, in my view,” Biden said, in response to questions about the upcoming gross domestic product number for the next quarter.
The president spoke with reporters about a possible recession after hosting an event prompting a bill to expand the domestic production of semiconductor computer chips.
Biden pointed to the low employment rate and people continuing to invest to make his case that the economy is still strong.
“My hope is that we go from this rapid growth into a steady growth,” he said. “So we’ll see some coming down but I don’t think we’re going to, God willing, I don’t think we’re going to see a recession.”
Developing Story - Trump administration oversaw a RADICAL change to the tech world… one that could unleash a huge wave prosperity… and wealth creation in the near future. Find Out More
Biden’s White House staffers have argued in the last several days that two-quarters of GDP contraction does not necessarily mean a “technical” recession.
“A recession is a broad-based contraction that affects many sectors of the economy. We just don’t have that,” Treasury Secretary Janet Yellen said on Sunday.
White House National Economic Council director Brian Deese also argued Monday that two-quarters of negative growth in a row is not “technically” a recession.
“Certainly, in terms of the technical definition, it’s not a recession,” he said. “The technical definition considers a much broader spectrum of data points.”
The Biden White House appears concerned about fears about a recession, particularly as Democrats face a tough midterm election cycle.
In June, Biden was sharply critical after a reporter asked him about economists voicing fears of a recession.
“Not the majority of them aren’t saying that, c’mon, don’t make things up, ok?” He snapped. “Now you sound like a Republican politician.”