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Recession Or Not?
ByJames Pethokoukis argues that we aren't in a recession. Try telling that to the 81% of Americans who think we are. Paul Krugman writes:
The point is that the official definition of recession has become delinked from peoples’ actual experience. Right now, we’re in an economy with deteriorating employment and incomes, collapsing home prices, and business retrenchment. Is it also an economy in recession? Who cares?
Sorry, but it seems to me that we should stick with the previous clear definition of a recession. If we're not in one by those measures, we're not in one.
