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Recession! It’s Official Even Tho We Knew It

12/02/2008

The Committee of Economists, responsible for dating the nation’s business cycle, has announced that the American economy officially sank into a recession last December.

This news really hasn’t caught anyone off guard or by surprise. In fact, Dare To Dream posted on February 10th of this year an AP report that 61 per cent of Americans believed that we were then in a recession.

What is surprising is the release of such info in the last part of the fourth quarter and in the “waning” hours of the Bush Administration.

Why surprising?

Because the “technical” definition of recession is as follows: “Recessions are often indicated by two consecutive quarters of negative growth (or contradiction) of gross domestic product (GDP).”

The New York Times reported today that this downturn has already lasted “longer than the average for all recessions since World War II.”

With the obvious comparisons to the “Great Depression”, many have pointed to the facts, as was the case on MSNBC’s Morning Joe today, that we don’t have rationing, bread lines or soup kitchens but we do have the high unemployment and people are still spending money.

I find it more curious, and especially with the secretiveness of the Bush Administration, that it was World War II that got us out of the “Great Depression” but it appears that with fighting two wars we still have a major economic meltdown.

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