Check your facts, Senator
Excuse me?
The economic definition of a recession is two consecutive quarters of negative growth. Put another way, the nation's "gross domestic product" - the widely accepted measure of all economic activity in the United States - has to contract, rather than expand, for back-to-back three-month periods in order for a recession to exist.
We haven't even had one quarter of economic contraction, let alone two. Despite Sen. Schumer's proclamation to the contrary, the United States is not in a recession.
Sen. Schumer has always struck me as an honest and decent fellow. I haven't supported all of his policies, but I've always considered him to be a straight shooter. I've met the man twice, and he impressed me both times as a respectable person and politician.
But sending a press release to the media that uses a lie as a premise to make a point is reprehensible. And Sen. Schumer should be ashamed of himself.
Labels: No recession ... yet
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