Quote:
Originally Posted by Toymeister
The definition of recession, two quarters of negative growth, was established in 1974 by the bureau of labor statistics. That definition has stood 48 years until a week ago when, for political spin, it suddenly was not the definition (sarcasm off).
WE ARE IN A RECESSION.
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You got that right toymeister. The root cause of the recession is irresponsible fiscal and monetary police since the recovery from the housing market crash in 2007/08. The excuse is the pandemic and Putin’s war, which have added to the problem, but aren’t the cause. People living in the bubble don’t see the extent of the problems the typical real world citizens are experiencing. The recession is driven by hyperinflation and the inflation is not transitory. Consumer spending will continue to decline as many people are broke after feeding their family and filling their gas tanks so they can commute to work. More pain will be coming to much of our nation when the cold season arrives and heating oil tanks need to be filled.