Not that he was accusing me of lying or being uninformed, truthfully he sounded like an economist and was just informing me that the government had revised the figures and perhaps there was a genuine recession.
Remember, a recession is when GDP contracts for 2 SUCCESSIVE quarters in a row.
Though not booming economic growth, we did NOT have a recession.
I am vindicated once again...but it's hard to be wrong when you only argue the truth.
1 comment:
As far as I know, the 2-quarter rule is a "rule-of-thumb". The acknowledged arbiter of recession dates is the NBER. They continue to identify the recession as beginning in March 2001, ending November 2001.
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