Many people thinking negatively say that we have been in a recession for over a year. These are the same people who claim we had a recession in 2001. The sad truth is that our country has NOT been in a recession since the first Gulf War in 1990-91. That’s right; let’s look at the actual business and economic definition of a recession:
A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country’s GDP.
For the first time in 18 years, the United States has finally had two consecutive quarters of negative economic growth (measured by GDP). This is measured by data from United States Department of Commerce’s Bureau of Economic Analysis. Data indicates that GDP was -3.80% in the fourth quarter of 2008, and -.50% for the third quarter of 2008 (total of -4.30%).
Although the recession is now official, it is not nearly as bad as the liberal media plays it out to be. The recession in 1990-91 was higher at -5.00%, 1980 was at -8.50%, and 1981 was at a whopping -11.30%. So, this recession is currently mild and less severe than the previous three recessions.
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