On the menu today: In a week full of big economic-news releases, on Thursday morning, the U.S. will learn if we’ve experienced two consecutive quarters of the GDP shrinking — the traditional definition of a recession. Treasury secretary Janet Yellin and other Biden officials are already arguing that we’re not in a recession — which seems like a clear hint that they expect Thursday’s numbers to be ugly. But to the average American, “recession” is a synonym for “economic hard times” — and with inflation at 9.1 percent, lots of Americans feel squeezed.
Welcome to ‘It’s Not a Recession, We Swear!’ Week
Politico’s Ben White characterizes this week as a “Category 5 economic storm,” but I think the dominant theme will be, “It’s not a recession, we swear!”
As much as economy-watchers will be studying the Consumer Confidence ...