First, are we ‘in’ a recession or not? It’s somewhat nuanced, and I don’t profess to be an economist, but the ‘non technical’ definition of recession for about the last 50ish years has been 2 consecutive quarters of negative GDP. In the first quarter US GDP contracted by 1.6%, and in the second quarter by .9%. Since the total US GDP is roughly $22.8 trillion, that in real dollars, in the first quarter we shrunk by $364 billion, and in the second quarter by $205 billion. Now, “technically” there are other considerations and factors, but in general terms, we’re ‘in’ a recession already. We’ve seen recessions and disruptions before in our
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