What is a Recession, in reference to the economy ?

Question

I keep seeing on tv, and listening that the us is going through a recession, what is this, and are we going through one ?

Answer 1

In simple easy to understand terms, Recession is the slow down in the production of goods and the sale of goods. Always accompanied by lay offs of laborers producing and getting the goods to the consumer. That causes a reduction in government revenue. (Less money earned,  less taxes owed). The government has to borrow more $ to continue the programs it provides.  To pay back the borrowed $, the government has to raise taxes, or devalue the $. Which results in people being able to buy less with their money and prolongs the recession.

The US is definitely in a recession and rapidly going into a Depression.

Depression is when the economy actually stops growing and goes the other way. No one can afford to buy the few items still being produced.

Remember, this is a simple definition in easy to understand terms. There is more to the making and defining of Recession and Depression than room to address here.

Answer 2

not yet. >:)