NEW: Jared Bernstein, a member of President JoeBiden's Council of Economic Advisers, said he isn't discounting a recession in the near future but that the United States is uniquely equipped to handle such an economic downturn.
GDP shrank by 1.4% in the first quarter of 2022 after posting significant gains to round out 2021. Generally, the economy must post consecutive quarters of negative growth, coupled with high unemployment and other signs of declining commerce, before it is considered to be in recession.
He proceeded to claim that the"key point here is less about forecasting and probability. That's a very uncertain game right now. It's what are we actually doing, concretely, to meet the challenges we know that American households face."Bernstein reiterated Biden's vow to fight inflation at home and help the global economy to rebound in the process.
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