Originally posted by Metal Brain
I was watching the Nightly Business Report (PBS) today and they said since the recession ended so long ago that there should be no talk of a double dip recession because it would be considered another separate recession instead of a double dip.
Personally, I think the recession never really ended and our government is blowing smoke up our asses. Does it feel like the recession has ended to you guys?
there are two ways you can define recession.
the official definition looks at whether or not the overall GDP is actually still shrinking -- if so, then we're still in a recession, if not then we're in the recovery phase.
HOWEVER - since the population is steadily growing - the economy needs to grow by a certain amount and create a certain amount of net jobs every year just to keep the unemployment and per capita GDP from getting worse. If the economy is growing by less than this amount (since things would still be getting worse for most people) you can argue that we are indeed still in a "recession" even though the growth rate is north of zero.
Perhaps the someone could invent a term for the latter scenario? -- perhaps "subpar growth" or something like that?