Below is a cut and paste from the July 28, 2022 news release by the Bureau of Economic Analysis (BEA) providing the Advance Estimate for the Second Quarter GDP. Just as I predicted, the Republicans, Fox News, and the conservative media have used this information to declare that the U.S. economy is in recession based…
It’s not surprising that a very divided America can’t even agree on whether the country has entered a recession. Republicans and the conservative media are certain that all that is needed is two consecutive quarters of GDP decline. While this measure is a popular rule of thumb, it is not the official definition. The National…