Once again "the recession" is declared to not yet exist; will folks be bothered with the facts or not?

Question

Source: http://news.yahoo.com/s/ap/20080626/ap_on_bi_go_ec_fi/economy

Econ 101 Fact #1029.4.a: A recession is defined to be a period of two quarters of negative GDP growth.

Source: http://economics.about.com/od/economicsglossary/g/recession.htm

Notes:

1 - We have yet to have a single quarter of declining GDP in recent years,

2 - What's going on today is more correctly termed a 'slowdown', and lastly and most importantly

3 - During Presidential election years, the press and the left ALWAYS complain about what an awful economy we're having when the sitting President is a Republican. It's one of the ways the left motivates their base. You know, "Things are really, really awful and if you'll just elect us things will be really, really better!" And it seems to work pretty well for the Dems!

Answer 1

That's not what Warren Buffet said yesterday.

Answer 2

It is next to impossible to enter into a recession when the pace of inflation pushes up the price of everything which inflates the GDP.

The minuscule growth of the GDP is not adjusted for inflation it is just a count of dollars, not a comparison of what the GDP was worth from quarter to quarter.

Answer 3

Out with the "OLD" in with the "NEW"

Obama in 08

Answer 4

Opinions are not facts.  That is a "definition" from about 1935 to explain the moments for the start of the Great Depression.

The modern economic definition is the following...."the time when business activity has reached its peak and starts to fall until the time when business activity bottoms out. When the business activity starts to rise again it is called an expansionary period. "

Answer 5

No we are stupid, the news says no so I say no.  (sarcasm off)

Answer 6

There is no recession.  There is stagflation.  That is your salary is constant but the price of everything else goes up.

Answer 7

The media will never be bullied around by facts and definitions!  But you know, the economy has gotten worse since January 2007.  If McCain is faced with this he should point out the results of the 2006 elections and refer to the slowing economy as "the Pelosi effect".

Answer 8

The recession has happened. When a family of 4 cannot afford to take care of the basic essentials of life such as getting food, pay the utilities and pay for gas, rent.., there's a problem. With gas so high, it affects everything including food and consumer spending. Which then affects companies having to decrease their employee's hours per week working. That in turn causes the employee not to be able to pay the bills. We have 2 small children and can't afford food for even them and diapers. To heck with the GDP. I don't care if they call it a slowdown, to me it's recession and the begining of the depression again.