The American people will believe anything they are told. For that reason they are told a little bit of everything.
What is the definition of economic recession? Officially, a recession is said to be a period where Gross Domestic Product (GDP) decline for two consecutive quarters.
Sometimes reality changes and a word no longer describes what was originally intended to describe.
Gross Domestic Product is of no value at all for measuring the economic wellbeing of U.S. citizens.
People can be starving and living in the street while Gross Domestic product is increasing vigorously every quarter. When 30-50 percent of all income goes to only 5 percent of the population, increases in Gross Domestic value don’t help average working people.
This would all be o.k. if income increase among the wealthy were the result of prowess in a free market setting. The lopsided income distribution is the result of using the government to rig markets and gain exemption from economic laws.
80% of the population can be in economic decline while the overall economy is doing well. There is nothing wrong with a term to describe the total value of all goods and services produced. It is wrong and manipulative to give citizens the impression the economy is doing well based solely on Gross Domestic Product numbers.