2.28.2008

It's Called a Recession

I love how the media is so scared to call the economic situation a recession. Instead it's a standstill or a near halt, or a decline, but not a recession.
The economy grows at 0.6% in the final quarter of '07 compared to 3% for the prior three quarters and we're not in a recession? The final quarter of Clinton's tenure in 1999 the economy grew at 1% and Republicans claim Bush inherited a recession and a fledgling economy. But when Bush is in office 0.6% is still growth, because now "[u]nder one rough rule, the economy would have to contract for six months in a row for the country to be viewed as in a recession." Again the rules are conveniently changed to benefit Bush and the neocons.