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statement claiming that two consecutive quarters of falling gdp are not the official definition of a recession. sounds like they are expecting those reports to show two straight quarters of falling gdp. but with inflation surging to a new 40-year high just last month, some call the administration s talking points out of touch and they re out of time to turn this boat around if they don t start focusing on the right things. a comment from treasury secretary janet yellen. this is not in the economy that s in recession. we re in a period of transition in which growth is slowing and that s necessary and appropriate. a recession is a broad-based contraction that affects many sectors of the economy. we just don t have that. martha: oh, remember when she was apologizeing for saying transitory. larry summers knows the truth. i think there is a very high likelihood of recession when we ve been in this kind of situation before, recession has essentially always followed when ....
Transitory. larry summers knows the truth. i think there is a very high likelihood of recession when we ve been in this kind of situation before, recession has essentially always followed when inflation has been high and unemployment has been low. soft landings represent a triumph of hope over experience. i think we re very unlikely to see one. that was a dig. they are cuddling hope over experience. house judiciary committee ranking member jim jordan in a moment. let s go outside the white house with peter doocy. president biden is still in the white house residence recovering from covid-19. we expect to see him virtually to talk about the economy and about making computer chips in the united states within the next 3 1/2 hours or so. but don t expect to hear him or ....