Most investors have 'accepted' America is in a recession: Vivek Ramaswamy
Strive Asset Management executive chairman Vivek Ramaswamy speaks on the current state of the economy under the Biden administration on 'Tucker Carlson Tonight.'
White House press secretary Karine Jean-Pierre faced backlash Monday for saying that "economic indicators…do not show that we are in a recession or even a pre-recession."
Typically, two quarters of negative GDP growth indicate the United States is in a recession. This is the metric traditionally used as a red line to determine whether a recession exists. However, the White House has trotted out a slew of officials to dispute the definition of a recession.
At the White House press briefing, Jean-Pierre was asked about President Biden's statement that "We're not going to be in a recession."
She responded, "So, if you look at the economic indicators as the president was laying out, if you look at the labor market, right now, we are seeing historic unemployment. If you look at low unemployment at 3.6, if you look at the average amount of jobs that have been created, it's about 400 [thousand] per month. Those indicators do not show that we are in a recession or even a pre-recession."
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White House press secretary Karine Jean-Pierre has frequently stumbled since taking over the podium when Jenn Psaki left the administration to join MSNBC. (AP)
A clip of her response was shared and mocked on Twitter.
"Let me help. Two straight quarters of negative growth = recession. We’re there," wrote Buzz Patterson, a conservative columnist.
"The Biden White House doesn’t want you to think GDP is an economic indicator," wrote Spencer Brown, managing editor of Townhall.
White House Press Secretary Karine Jean-Pierre speaks during the daily press briefing at the White House on June 06, 2022 in Washington, DC. (Photo by Kevin Dietsch/Getty Images)
Fox News contributor Guy Benson tweeted, "At this briefing, she refused to define ‘recession.’ Will she explain what a ‘pre-recession’ is, since she raised it, or nah?"
"Two back to back quarters of negative GDP growth," said Fox News contributor Katie Pavlich.
Townhall senior editor Matt Vespa called it a "pants on fire lie."
Inflation, driven in part by President Biden's COVID-19 spending and energy policies and the Federal Reserve's money printing, is at a 40-year high. Many have concerns that the Fed's raising of interest rates, coupled with Biden's energy policies, will push the U.S. into a recession.
U.S. Press Secretary Karine Jean-Pierre holds the daily press briefing at the White House in Washington, U.S., June 16, 2022. (REUTERS/Evelyn Hockstein)
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Biden's approval rating is at a record low, with only 19% support from Hispanics. Pundits speculate this will hurt Democrats in the 2022 midterm elections.