This past week saw the release of a negative GDP report for the second quarter of 2022 on July 28, 2022. This is the second consecutive quarter of negative GDP growth and is causing some commentators to argue that the United States economy is not growing and is in a recession. After the release of this report, President Joseph Biden spoke about the passage of the Inflation Reduction Action and answered the question of whether or not there is a recession. He said no, because Federal Reserve Chairman Jerome Powell says it is not, and then listed several positive statistics. Is this spin or reality?
