trying to redefine recession? we are not redefining recession. greg: president biden s prediction there being no recession lasting about as long as kamala s doomed presidential campaign. democrats are pushing more massive spending for some reason, to get us out of it. biden is brushing off the bad economic news while claiming dishing out $700 billion for things like fighting climate change and that will actually lower inflation. chairman powell and many of the significant banking personnel and economists say we are not in a recession. we created 9 million new jobs so far as i ve become president. businesses are investing in america and record rates. the inflation reduction act will add another $370 billion in clean energy tax credits and reconciliation. that doesn t sound like a recession to me. greg: now that biden s prediction has flopped, democrats and the media are getting on the same page to try to convince americans things aren t that bad. we have to remember
traditional definition of being in a recession. the second quarter gross domestic product g.d.p. shrank at annual rate of nine tenths of a percentage point. that s the second straight quarterly deficit and that checks the box, historically considered as recessionary. president biden says it s no surprise the economy is slowing down because of inflation. but he insists he has the nation on the right path and, quote: it doesn t look like a recession to me. the president also spent time today on a call with his chinese counterpart in a time increasing tension with communist china. white house correspondent peter doocy starts us off tonight live from the north lawn. good evening, peter. peter: good evening, bret. the numbers are right there in black and white. the u.s. economy shrunk for a second consecutive quarter. but, until large, well-respected groups, nonpartisan groups of economists issue some sort of a formal declaration that a recession is underway, then officials here
island yesterday. the only thing i know is that it s hungry and, greg, i know you are irate, so what do you call a cat that s been arrested by the police. greg: i don t know. what? a purpetrator. i hope i don t get bobcat post office box. dana: me too because then we will have to have a chat. greg: that s it for us special report is up next. hey, bret. bret: hey, greg. that s good. have a good one. good evening. i m bret baier. welcome to washington. has president biden been caught in a lie about his involvement in the son s business dealings? we ll take a look at that story. the kremlin makes its first comment on a perspective prisoner exchange involving a russian arms dealer, and american basketball player and a marine veteran. and we talk with gang members in chicago about life on the streets and massive shootings every weekend. but, first, breaking tonight, the u.s. economy now fits the