The Shortest Recession Ever

                                                           

The National Bureau of Economic Research (NBER) has declared that the economy exited the pandemic recession over a year ago.      July 20, 2021   Today's Top Stories From the Breitbart News Desk The National Bureau of Economic Research (NBER) has declared that the economy exited the pandemic recession over a year ago. The semi-official arbiters of when recessions begin and end said on Monday that the recession that began in February of 2020 came to an end in April of 2020. That means the recession was already over before it was officially declared in June of last year. By longstanding tradition, the beginning and end of recessions is decided by the Business Cycle Dating Committee of the NBER, which is itself a private organization based in Cambridge, Massachusetts. Also by longstanding tradition, the committee's announcement of an end of a recession typically comes with a long and indeterminate lag. The last time around, it took until September of 2010 for the committee to recognize that the recession had ended in June of 2009. The pandemic recession is now the shortest on record. It was so short that there is a good argument that it should not count as a recession at all. The traditional definition of a recession is "a significant decline in economic activity that is spread across the economy and that lasts more than a few months," which this one did not. The economy peaked in February, crashed in March, and began growing again in April. The NBER hasn't deigned to explain itself except to say the downturn was severe enough and widespread enough that it sure seemed like a recession. One thing the NBER announcement does make clear is the fallaciousness of the widespread claims last year that Trump's alleged mismanagement of the pandemic response had hurt the U.S. economy. This was a constant refrain from the Biden campaign and the establishment media. Part of the explanation for the speedy recovery, entirely ignored by the establishment media's narrative, was that we created the recession by design by ordering businesses to shut their doors and people to stay home. And the other part was that the economy was doing so well going into the pandemic that it was able to snap back with incredible speed once the shackles of the initial lockdown were lifted. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Warp Speed: COVID-19 Recession Was Shortest in U.S. History So much for the idea that the Trump administration hurt the U.S. economy through its response to the pandemic. The National Bureau of Economic Research, a private nonprofit research organization that tracks the beginnings and endings of U.S. recessions, said the coronavirus-induced contraction began in February 2020 and ended in April 2020. That makes it the shortest recession ever recorded in U.S. history. A recession occurs when there's a decline in gross domestic product over consecutive months. [Click here for more]   IN OTHER STORIES... NBER: COVID Recession Shortest in History; Recovery Began Under Trump The National Bureau of Economic Research (NBER) declared Monday that the coronavirus recession lasted only two months — the shortest on record — and that the economic recovery began in May 2020 under President Donald Trump. The recession began at the economy's peak in February 2020, and was over by April 2020, according to the NBER — just as Trump was signing relief, such as the Payment Protection Program (PPP)... [Click here for more]   Home Building Jumps More Than Expected Home construction in the U.S. rose by more than expected in June as builders rushed to fill a gap left by a dearth of existing homes for sale and surging demand from families fleeing cities. Housing starts jumped by 6.3 percent in June, the Commerce Department reported... [Click here for more]   Billionaire Jeff Bezos Thanks Employees Who Have to Pee in Bottles for Funding His Space Travel Amazon founder and executive chairman Jeff Bezos, worth an estimated $205 billion, thanked his employees for funding his space travel. For years, Amazon employees have blown the whistle on their working conditions such as having to pee in bottles to keep up with the company's demands. As Breitbart News reported, Bezos left Earth for a little more than 10 minutes on Tuesday aboard... [Click here for more] FOLLOW

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