... that seems to be the question.
There appears to be a disparity between political, economic and business experts as to whether or not the U.S. is in a recession.
The way I see it, you can tell the expert is "by-the-book" if they argue that the country is NOT in recession. They are analyzing the economy by graphs and charts, going by the technical economists' definition of recession, "a widespread decline in the GDP and employment and trade lasting from six months to a year". Between April and June of this year, there was a spike in consumer spending, therefore there isn't a recession.
The current administration is counting on these by-the-book experts to muddle the general consumer's view of the economy. These experts don't seem to notice that the cost of
everything is going up, mainly driven by the rising cost of fuel and energy. Producing, packing, shipping and selling any type of product is costing companies more, so to balance their books, they are down-sizing their workforce and pushing the cost onto the consumer - the same consumers they stream-lined and downsized. The consumers that still have their jobs aren't seeing salary increases to match the price-hike. These experts seem to overlook that the spike in consumer spending was due to tax rebates and the stimulus-checks. The stimulus-check program was just a tiny band-aid on the big boo-boo of a poor economy that's going to get worse before it gets better.
The real experts are reporting on what people can do to get themselves through this recession - cut out coupons, reduce driving, don't eat out, use yesterday's newspaper for toilet paper, etc.
I'm not an expert in the least - I'm not even a novice. But the way I see it, we're in a recession, folks. So buckle up, strap down and be frugal.