GDP fell 0.9% in the second quarter. This followed on the heels of a -1.6 GDP print in Q1. Back-to-back contractions in GDP have historically been defined as a recession, but the Biden administration and their apologists insist we aren’t in a recession. Peter Schiff appeared on the Megyn Kelly show to talk about the White House recession spin. He said this recession is just getting started.
The mantra from the White House is that two consecutive quarters of negative GDP isn’t the “technical” definition of a recession and that the economy is just entering into “another phase of recovery.” Peter said, “I guess they believe if you repeat a lie often enough, people will believe it.”