September 27, 2012
SUMMER FALL WINTER NEVER? “Has the U.S. economy turned a corner? Yes, and then another corner and now it’s going backward. A slew of bad economic data today,” as collated by James Pethokoukis of the American Enterprise Institute:
If the above forecast is correct, the National Bureau of Economic Research might wind up declaring that the U.S. economy slipped back into recession in late 2012 even though the economy was actually not yet contracting at that point. (Here is my post from earlier on why we are in the recession red zone.)
And if that happens, economic historians might well shove aside the weak three-year recovery and call the entire 2007-2013 period, the Long Recession or some such. I have already have been, just like the 1980-82 period was a long recession, two downturns sandwiching a brief recovery.
“I can only express my disgust so many times, Ace adds. “This is huge, and the media is embargoing it entirely.”
Well, they’ve got bigger stories to focus on — such as, did Romney hire a new blogger for his campaign staff?