Stop saying “recession”

January 31, 2008

This is a plea to anyone who currently holds a position in news broadcasting. You could be a news anchor, a writer, or even a person likely to be interviewed on economic issues. I am begging you, please, please stop saying the word “recession.” After everyone involved has taken five minutes out of their lives to carefully consider the meaning of the word, you may resume using it, on the sole condition that you do so correctly.

So, to be clear, let me take a moment to share the correct definition here. In the United States, the Bureau of Economic Analysis is responsible for tracking and officially measuring and reporting on the gross domestic product (GDP). This Bureau, one of a number of them under the auspices of the Commerce Department, defines the term as follows:

“A recession is a decline in a country’s gross domestic product, or negative real economic growth, for two or more successive quarters of a year”

Now then. Now that we all are working with the definition, as defined by the organization empowered by law in this country to handle these matters and widely accepted by macro economists, let us consider for a moment how this term might apply to an issue near and dear to my heart and likely to yours: the current status of the United States economy.

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