I was listening to NPR while I was driving today Harvard Economist Professor Rogoff made mention of the fact that were in a "economic contraction", not a recession. In fact he eludes to say that we were never in a recession to begin with.The phrase "Recession" has been coined for the economic downturn. So which is it?
Some of the points mentioned on the radio were that if we were in a recession or more importantly one that was as severe as experts say then it would take probably 4-5 years to even get back to the the same growth and numbers proceeding the economic downturn of 2008. Deflation fears were also mentioned.
At any rate it made interesting food for thought. So what are the opinions of everyone else on the subject maybe some of you can shed more light.