Power Line's John Hinderaker cites recent Commerce Department figures which show the U.S. economy contracted 0.7% in the first quarter of 2015. Are you aware that if our economy should contract again in the second quarter, April - June, we would officially be in another recession? We'll know in early July.
It's true. The official definition of "recession" is two consecutive quarters of falling real gross national product. While it probably won't happen, the mere possibility is chilling enough and a sure sign we are not in any kind of boom.
