According to Breitbart, Senate Minority Leader Mitch McConnell announced last month, "Democrats inherited an economy that was primed for a historic comeback, and promptly ran it straight into the ground." The Rasmussen survey found that out of 1,000 likely voters polled from July 28 to 31, 59% agreed with the Kentucky senator.
Additionally, 91% announced the economy was an important issue deciding their vote in the upcoming midterm.
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"Majorities of every racial category — 62% of whites, 53% of black voters, and 67% of other minorities — believe the U.S. economy is currently in a recession," the survey mentioned in its analysis. "Similarly, 69% of whites, 54% of black voters, and 63% of other minorities say economic issues will be very important in this year's congressional elections."
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On Sunday, Treasury Secretary Janet Yellen announced on NBC’s "Meet the Press," "This is not an economy that's in recession." While the treasury secretary maintains that the traditional definition of recession doesn't comport with the times, Newsweek reported on Wednesday that, according to one expert's opinion, the Biden administration is "likely" to issue another round of stimulus checks.
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Tara Sinclair, an economics professor at George Washington University, noted this is a "terrible" time for the next round of relief. "If we stimulated the economy even further, that wouldn't get us more economic growth; that would instead, very likely, just get us even more inflation," she announced.
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Democrats used to think differently regarding defining a recession. On Tuesday of this week, President Biden’s chief economic advisor, National Economic Council director Brian Deese, declared that two negative quarters of GDP growth is not the technical definition of a recession. However, in 2008, he declared that “economists have a technical definition of recession, which is two consecutive quarters of negative growth.” In 2008, Speaker of the House Nancy Pelosi further announced that a recession is two-quarters of negative growth in a row.
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Even the media agrees with this diagnosis. In 2015, the Washington Post clarified that “two negative quarters in a row is a standard indicator for an economic recession.” In 2020, CNN Business stated that “economists normally define a recession as consecutive quarters of negative growth.”
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What changed? Unlike in 2008 and 2020, Republicans are no longer the ones who will take the blame for a recession. Now, the Democrats are in power, with midterm elections being only three months away, putting them in the hot seat. Any official acknowledgment of a recession will not help their precarious position heading into November.
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