From the Heritage Foundation, I'm Michelle Cordero, and this is Heritage Explains.

Last week, the Bureau of Economic Analysis reported what we already knew.

Biden's economy is in bad shape and we are

officially in a recession.

Here we go. What a day breaking into some moments ago. U.S. economy shrinking for the second

straight quarter. That means a recession is well underway.

From the White House tonight, what is a recession? Does it matter? And why the President

is denying something, a majority of Americans say is happening. Today the GDP numbers came

out for the second straight quarter, the economy contracted. In other words, GDP growth

was negative. That by almost every conventional definition is a recession. That's how it looks right now.

In other words, the data supports what you are feeling about your money,

in a word uncertain, in three words, uncertain, and probably a little bit scared.

There's going to be a lot of chatter today on Wall Street and among pundits about whether

we are in a recession.

But if you look at our job market, consumer spending, business investment, we see signs of

economic progress in the second quarter as well.

That's unbelievable.

Wouldn't it be, and I'm asking, I know you're an economist, I'm asking you a political

question, but very quickly, wouldn't it be smarter for the White House to say, look, we know

how bad it is and we're doing everything we can to help you?

Why do they persist in telling us something we know isn't true?

Well, Tucker, I think it speaks to the aloofness and how disconnected

...