Last winter the economics establishment reviewed its numbers and declared that we’d entered a “light” recession in 2001 but that it was so brief — only one quarter of actual “negative growth” (economist-speak for “decline”) — that it didn’t even technically qualify as a recession (two consecutive quarters of “negative growth”). This came as heartening news to the legions of laid-off workers, who could at least console themselves with the knowledge that the Bush administration was planning to bank some of their Social Security money in the collapsing stock market.
Now it turns out that the economy actually shrank for the first three quarters of 2001 (most of which predated the 9/11 disaster). Yes, Virginia, there was a Bush recession. For much of the U.S., there still is.
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