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While Dopey Donald Trump is blubbering and whining the US economy is in flames.
Air travel has almost ceased. Boeing appears in desperate trouble.
The cruise ship business has stopped.
Travel businesses are shriveled.
Stores and shops are closed.
Concert business moribund.
Sporting events canceled.
Oil and gas industry withers as price falls.
People told to avoid the office and stay home.
Pay checks have dried up.
Dopey Donald Trump is out of his depth.
The US might already be in a recession
Air travel has almost ceased. Boeing appears in desperate trouble.
The cruise ship business has stopped.
Travel businesses are shriveled.
Stores and shops are closed.
Concert business moribund.
Sporting events canceled.
Oil and gas industry withers as price falls.
People told to avoid the office and stay home.
Pay checks have dried up.
Dopey Donald Trump is out of his depth.
The US might already be in a recession
The US might already be in a recession
Peter Coy 20 hrs ago
NCAA tournament games closed to fans
Let’s just say it: The longest economic expansion in U.S. history may already be over, killed by Covid-19.
It might seem crazy to talk about a recession when jobs are plentiful. Today the Bureau of Labor Statistics announced a decline in the February unemployment rate to 3.5%, tying a 50-year low.
But a recession isn’t when things are bad. It’s when they aren’t quite as good as they were at the peak. (Conversely, an “expansion” begins when the economy hits bottom and starts back up.)
When economic historians look back, they may pick February as the peak of the expansion that began in June 2009. That would give it a longevity of 128 months, the longest in records maintained by the National Bureau of Economic Research going back to 1854.
This wouldn’t be the first time the U.S. was in a recession without knowing it. In the summer of 2008 policymakers of the Federal Reserve were still predicting decent economic growth for that year and the next—even though a recession had begun the previous December, as later determined by the business cycle dating committee of the National Bureau of Economic Research. ...