Depending on who you listen to we are either in a recession or a depression.  Neither sound good to me but I really didn’t know what the difference was until now
The text book definition of a recession is  a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters.
The National Bureau of Economic Research defines  a recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
A …