mission accomplished?

by lestro

So the President today said we are not headed into a recession:

“I’m concerned about the economy,” he said. “I don’t think we’re headed to recession. But no question, we’re in a slowdown.”

Wondering whether this means we are already IN a recession, I did what any intrepid internet user might do and headed on over to Wikipedia:

In macroeconomics, a recession is a slowdown in a country’s gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year.

An alternative, less accepted definition of recession is a downward trend in the rate of actual GDP growth as promoted by the business-cycle dating committee of the National Bureau of Economic Research.[1] That private organization defines a recession more ambiguously as “a significant slowdown in economic activity spread across the economy, lasting more than a few months.”

A recession may involve simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits. Recessions may be associated with falling prices (deflation), or, alternatively, sharply rising prices (inflation) in a process known as stagflation.

Hmm. I am not an economist, but unlike the President, I do read the papers and I must say, they have been talking about this for a while.

I realize the President is a busy man and has many miles to jog and brush to clear and all, but you think someone would have mentioned this to him, if not an economic adviser, one of his oilman buddies bragging about his new boat or private island or something…

On one issue particularly worrisome to American consumers, there are indications that paying $4 for a gallon of gasoline is not out of the question once the summer driving season arrives. Asked about that, Bush said “That’s interesting. I hadn’t heard that. … I know it’s high now.”

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