This was actually stated today by the brilliant people at the National Bureau of Economic Research. Guess what? Our economy has been in a recession since December of 2007. I know, what a shocker! Do you think there are like maybe two people in some distant country who saw this on the internet and were like, “No way! The United States is in a recession?”
I get that there are like some economic standards that determine what really constitutes a recession, but seriously, it took them this long to figure this out and these are our experts? We are seriously screwed.
December 1st, 2008 at 11:59 pm
According to Keynes, the root cause of an economic downturns is an insufficient aggregate demand. When the total demand for goods and services declines, businesses throughout the economy see their sales fall off. Lower sales induce firms to cut back production and to lay off workers. Rising unemployment and declining profits further depress demand, leading to a feedback loop with a very unhappy ending.
90% of the time you can make statistics show whatever you want 50% of time
http://nomedals.blogspot.com