It's official: We're in the Trump recession

It's official: We're in the Trump recession
President Donald J. Trump, joined by Vice President Mike Pence, addresses his remarks at a coronavirus update briefing Wednesday, April 22, 2020, in the James S. Brady White House Press Briefing Room of the White House. (Official White House Photo by D. Myles Cullen)

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.

#story_page_post_article

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}

Happy Holidays!