Both Uses of
A Crisis of Confidence
- It's clear that the true problems of our Nation are much deeper – deeper than gasoline lines or energy shortages, deeper even than inflation or recession.
*recession = a period when the economy does poorly
- And this from a young Chicano: "Some of us have suffered from recession all our lives."
(recession as in: economic recession) a period when the economy does poorlyeditor's notes: Most people think of a recession as any period of two consecutive quarters of shrinking, real GDP.
Officially, a nonprofit organization, the National Bureau of Economic Research, determines when the U.S. economy has had a recession. Their proclamation is often a year after the recession started and almost never fails to call a recession indicated by the 2-quarter rule-of-thumb.