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Are We Already in Recession?

Have we already entered recession? Worse, have we been in a recession for years now? Recently I joined Jeff Tucker of the Brownstone Institute on an article about the Herculean task of trying to figure out what's actually happening in the economy. Which is a challenge given every official economic number out there is broken.

I’ve covered some of these in recent videos, including failing to count homeless people as unemployed, calling welfare spending economic growth, and undercounting inflation — perhaps by a lot. We get data points like Americans seeing McDonald's as a luxury item, buying groceries on credit cards, selling off second cars, down-sizing to smaller homes -- all hallmarks of a recession. When the official numbers are lies, we’re left with data points and anecdotes like record credit card debt, financial distress among the middle class, shrinking quality of life.

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