Bank of America CEO Brian Moynihan has slammed Democrat President Joe Biden’s economic rhetoric and issued a warning about his administration’s attempts to twist the definition of a recession.
The Biden administration repeatedly downplayed the definition ahead of an economic report that showed the United States experienced two consecutive quarters of GDP contraction.
The traditional definition of “recession” is met after two consecutive quarters of GDP contraction.“In terms of the technical definition, [two negative quarters of growth] is not a recession,” said Brian Deese, director of the National Economic Council.“The technical definition considers a much broader spectrum of data points.”Moynihan has […]
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