Panel says US has been in recession since Dec. ‘07

Economic Group: U.S. Has Been In Recession Since December 2007

WASHINGTON (AP) - The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.

The NBER—a private, nonprofit research organization—said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.

By one benchmark, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-September quarter of this year, and many economists believe it is falling in the current quarter at an even sharper rate.

But the NBER’s dating committee uses broader and more precise measures, including employment data. In a news release, the group said its cycle dating committee held a telephone conference call on Friday and made the determination on when the recession began.

This is the official confirmation of what I’ve been saying - that we’ve been in a recession for quite a while.

Some dumbasses like Nash could never wrap their noodles around the obvious, but that’s what this blog is here for - to slap dumbasses right across the kisser with reality wrapped around a two-by-four, until it finally penetrates the bony armor that protects them from recognizing their own idiocy.

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