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Recession Ahead — or Already Here?
An economic downturn is not just inevitable, it's here
Is a recession coming? It may already be here.
A recession is defined as, well, there isn't really agreement on the definition. But let's just say that it's an economic downturn characterized by a decrease in the Gross National Product, accompanied by inflation and unemployment. Of course, there are those who say that it's a recession if you lose your job and a depression if I lose my job.
So we have growing unemployment, a dollar so weak that rappers and super-models seek payment in Euros (though Gisele Bundchen, the poser in question, denied the story), and OPEC ministers debated replacing the dollar as their currency of choice, too.
It's clear to many that an economic downturn — whatever you want to call it — is inevitable. The booming US economy of a few years back was fueled by consumer spending, loose credit, and an inflated housing market. New construction is down, and companies that benefited in the wake of the housing boom have also taken severe hits, with layoffs and cutbacks. Though that's the media's fault, supposedly.
A recession is defined as, well, there isn't really agreement on the definition. But let's just say that it's an economic downturn characterized by a decrease in the Gross National Product, accompanied by inflation and unemployment. Of course, there are those who say that it's a recession if you lose your job and a depression if I lose my job.
So we have growing unemployment, a dollar so weak that rappers and super-models seek payment in Euros (though Gisele Bundchen, the poser in question, denied the story), and OPEC ministers debated replacing the dollar as their currency of choice, too.
It's clear to many that an economic downturn — whatever you want to call it — is inevitable. The booming US economy of a few years back was fueled by consumer spending, loose credit, and an inflated housing market. New construction is down, and companies that benefited in the wake of the housing boom have also taken severe hits, with layoffs and cutbacks. Though that's the media's fault, supposedly.
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23:43 EST, 20.Nov.07