We've been in a recession for a while now, and a global one too. The IMF and other such organizations have been saying it for over a month now. Why has the US been trying to deny it for so long?
however, the government will almost never say we're in a recession currently. they will acknowledge that we were in one once we're out, but if they prattle on about how the current situation is bad, it will only make it worse.
which leads to us mistrusting them anyway. its a case of damned if you do, damned if you don't.
> Are you saying it feels like a recession or that we have already had two quarters of declining GDP?
US GDP dropped 1.4% in the first quarter, so it's entirely possible that a recession has already started. If GDP declines again in the next quarter, then at that point it will (retroactively) be confirmed that there is presently a recession.
Deepens? We're not in a recession, and we haven't been for nearly a decade.
It's true that, by historical standards, we're arguably overdue for a recession, but the word "recession" is precisely defined, and the US unambiguously does not meet the criteria for being in one.
"The media and government is in denial, so they'd tell you we aren't even in a recession yet."
There are costant headlines about layoffs. Also you said that a recession has a defintion, if that hasn't happened how is the media and government in denial?
>"AFAIK, we have been in a recession since 2008. IMO we never really got out of it."
That's complete nonsense. The National Bureau of Economic Research, the body which officially declares recessions in the US, defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."[1]
Aside from the 2020 pandemic dive, there has been positive GDP growth every year since 2008.[2]
My limited understanding is that the start of a recession is only officially recognized in hindsight. That doesn't mean we are in one, but I don't think we can necessarily say that we're not.
You refuse to acknowledge the fact that by common definitions the US is in a recession. I believe your refusal comes from rhetoric put forward by the current administration.
So you know that the US(?) economy is already in recession right now? While I suppose it's possible, you're saying it's confirmed, would you mind sharing what brought you to that conclusion?
We've been in a recession for a while now, and a global one too. The IMF and other such organizations have been saying it for over a month now. Why has the US been trying to deny it for so long?
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