IARN — There is a lot of debate going around the U.S. about whether the country is in a recession or not. Last week, a report showed the GDP dropped another nine-tenths of a percentage point in the second quarter of this year. Since it is the second straight quarter showing a drop in GDP, many economists are saying it’s a sign of a possible recession. Along with that, The Federal Reserve also hiked those interest rates up another 75 basis points.
White House Council of Economic Advisers, Jared Bernstein says the U.S. economy is going through a “transition.”
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