Why have we not been officially diagnosed as being in a recession?

Question

It plain as day...foreclosures, banks almost crumbling, gas going up 40 cents in 2 months, mortage companies needing help, unemployment rates...???

Answer 1

Because President Bush is in complete denial that his entire presidency has been a failure. We are obviously in a recession and the government needs to wise up, and do something.

Answer 2

Technically, to be in a recession, the economy has to be shrinking, or the Gross National Product has to go down in two consecutive quarters. The economy actually grew in June (I believe it was) even if it was only by .5%, it grew, so technically, no recession.

No, it doesn't make any sense.

The word doesn't really make a difference. Jobs are being eliminated, homes are foreclosed on...all of the people affected by this probably couldn't care less whether or not the cause was an official recession or fears of one.