the u.s. probably has to give more. i agree with yamiche it s the right thing to do but it s a harder thing to do. thank you all for your time. still to come, economic slowdown. why the new gdp data out this morning is raising fears of a recession. jared bernstein from the white house council of economic advisers joins us next. plus, the deal that caught just about everybody by surprise. how senators joe manchin and chuck schumer got to that big spending agreement. what it does and what it means for democrats chances in the midterms. crats chances in the midterms when you have technology that s easier to control. that can scale across all your clouds. we got that right? yeah, we got that. it s easier to be an innovator. so you can do more incredible things. [whistling]
and congress should pass it immediately. this context, including the successes over the last year and the global challenges we face, is critical in understanding today s gdp data. most economists and most americans have a similar definition of recession, substantial job losses and mass layoffs, businesses shutting down, private sector activity slowing considerably, family budgets under immense strain, in some a broad-based weakening of our economy. that is not what we re seeing right now when you look at the economy. job creation is continuing, household finances remain strong, consumers are spending and businesses are growing. as one example, in the last three months, our economy has
let me just give you what the facts are in terms oh of the state of the economy. reporter: president biden putting a positive spin on the u.s. economy. we have a record job market record unemployment of 3.6% today. we ve created 9 million new jobs so far, just since i ve become president. businesses are investing in america at record rates, at record rates. reporter: thursday s gdp report showing the economy contracting for the second consecutive quarter, likely to further fuel concerns of a recession. but the president, again, shooting down that suggestion. that doesn t sound like a recession to me. reporter: as top white house officials insisted that the new gdp data was widely anticipated. we are in a transition, no doubt. the economy is slowing, and that is what most expected when coming off of an extremely strong and fast recovery last year. reporter: with record high inflation remaining a top
think this administration and all of these democrats are completely out of touch with the needs of the american people. senator, if that gdp data comes out and mildly positive, that doesn t meet the sort of classic definition of a recession, two contracting quarters in a row. would you think and your colleagues think then that we re not in a recession if we get data like that? 2/3s of the american people say we re in a recession because they know what is happening in their own personal lives. when people can t afford a full tank of gasoline, can t afford to buy a full week s worth of groceries and at the end of the month don t have money left over to pay their bills, that clearly is a recession. now, i m not surprised the administration is trying to change the definition of a