31st May 2008
Michael Barone looks at the media’s obsession with recession and finds that, hey, there’s no there, there.
A recession is defined as two quarters of contraction. But we haven’t had one yet. The gross domestic product has grown, albeit only by 0.6 percent, in the last two quarters. As my U.S. News colleague James Pethokoukis blogged after the most recent numbers came in, “Dude, where’s my recession?”