Posted BY: TownHall

One of the most popular definitions of the recession was coined by economist Julius Shiskin in 1974. In his view, two consecutive economic quarters of negative gross domestic product (GDP) growth meant the country was in a recession. 

Sadly, based on this description, America is on the verge of entering a recession. In the first quarter of 2022, our nation’s economy contracted by 1.5%. As we approach the end of the second quarter, the Federal Reserve Bank of Atlanta just estimated that there will be a 0% growth. If we fall just one-tenth of a percent, it is officially a recession. 

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It certainly feels like the country is entering a recession. Inflation is at a forty-year high at 8.6%, as gasoline prices exceeded $5.00 per gallon this week, reaching historic records.