Biden economic adviser suggests definition of recession, says key areas 'have not been flashing red'
The White House economic adviser, when grilled on concerns of a recession on Sunday, assured Americans that the answer to whether the Biden administration was doing everything possible to increase energy supply and drive down consumer prices is "unequivocally yes." In an interview on "Fox News Sunday," White House Council of Economic Advisers member Jared Bernstein provided his definition for recession and noted a $1.4 trillion deficit reduction this fiscal year, but host Shannon Bream interjected that the number is coming off massive COVID spending. Bernstein said noted that the figure is also influenced by receipts coming into the Treasury because of "how strong economy has been." "We have an unemployment rate that is 3.5%.There is no recession that would prevail with that kind of unemployment rate.