With second-quarter GDP data coming out on Thursday, Biden officials have been downplaying the significance of the commonly used definition of "recession," two consecutive quarters of negative economic growth.
Should Thursday's numbers show a contraction, it will mean the U.S. economy is in recession under those criteria. However, National Economic Council Director Brian Deese disputes that definition.
“The technical definition is not two negative quarters,” Deese said to Bloomberg on Monday. “Technically, the definition is the [National Bureau of Economic Research’s] definition.”
In comments given to 1819 News, Alabama Republican U.S. Senate nominee Katie Britt criticized the Biden administration for its response to a possible recession and blamed the administration for the inflationary woes plaguing the U.S. economy.
“The Biden Administration can change the definition of a recession all they want, but the reality remains that hardworking Alabama families are being crushed by skyrocketing inflation — from the grocery store to the gas pump,” Britt said. “What the American people need is a change from President Biden’s reckless policies that caused this kitchen table crisis across our nation. Alabama families, small businesses, farmers, and retirees are faced with the devastating, everyday consequences of a radical agenda that puts America last.
“The highest inflation of my lifetime, fueled by Washington’s out-of-control spending, is a hidden tax on every Alabamian. Inflation has outpaced wage growth by 15 straight months now, with the average American effectively seeing an hourly pay cut of 5% since President Biden took office. In June alone, inflation cost the average American household $718. Over the next year, it'll cost more than $8,600 —even if prices stop increasing altogether."
If elected to the U.S. Senate, Britt pledged to use the power of purse strings to roll back Democrat policies and vowed to oppose efforts to raise taxes.
“As Alabama’s Senator, I will fight to balance the budget, restore American energy dominance, support good-paying jobs and 21st-century opportunity across Alabama, and get inflation under control," Britt said. "My plan includes significantly reducing discretionary spending; overhauling runaway welfare spending to ensure we have commonsense safety nets instead of generational dependency programs, and aggressively identifying non-defense programs in the budget that can be trimmed, terminated, or transferred to the states.
“Additionally, one of the keys to tackling the federal government’s spending addiction is to address the revenue side of the equation first. Only when tax increases are off the table will D.C. politicians ever get to truly reforming government to cost less. I was proud to be the first to sign the Taxpayer Protection Pledge as a candidate in Alabama’s Senate race. My pledge is simple: As Alabama’s next U.S. Senator, I will not support any tax increases. The federal government already gets too much of Alabamians’ hard-earned money. I want to put money back in the pockets of Alabama families."
To connect with the author of this story, or to comment, email jeff.poor@1819News.com.
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