The economists of the National Bureau of Economic Research, the group that determines when recessions begin and end, have officially declared that we are in a recession, which started in February, ending the longest economic expansion the nation has experienced.
Their working definition of recession is “a decline in economic activity that lasts more than a few months.” In a statement, the panel said “The unprecedented magnitude of the decline in employment and production, and its broad reach across the entire economy, warrants the designation of this episode as a recession, even if it turns out to be briefer than earlier contractions.”
The slow and inadequate reaction to the COVID-19 crisis, and Donald Trump’s continued total lack in intent in responding to it further, makes it likely it’s only going to get worse. So, once again, a Democrat is going to have to clean up this mess starting in January 2021. Because fact: for the last 40 years, every recession has begun with a Republican president and ended under a Democrat’s watch.