It's official: US has been in a recession all year

WASHINGTON (Reuters) - The U.S. economy slipped into recession in December 2007, the nation's business cycle arbiter declared on Monday, and the downturn could be the worst since World War Two.

The National Bureau of Economic Research said its business cycle dating committee members met by conference call on Friday and concluded that the economic expansion that started in November 2001 had ended. The previous period of economic expansion, which ended in 2001, lasted 10 years.

The current recession, which many economists expect to persist through the middle of next year, is already the third-longest since the Great Depression, behind only the 16-month slumps of the mid-1970s and early 1980s.

"I think that we've got a ways to go, that this is going to be probably a deep and long recession," Jeffrey Frankel, a Harvard University economist who sits on the NBER's committee, told CNBC television. "It could be the worst post-War recession. We don't know yet."

The NBER does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries. Instead, it looks for a decline in economic activity, spread across the economy and lasting more than a few months.

The current downturn was particularly tricky to define because GDP remained positive in the first half of 2008. The NBER said its committee looked at payrolls, which peaked in December 2007 and declined in every month since then, as well as real GDP and other data to determine when the recession started.

"The committee determined that the decline in economic activity in 2008 met the standard for a recession," the NBER said in a statement. "All evidence other than the ambiguous movements of the quarterly product-side measure of domestic production confirmed that conclusion."

STIMULUS PACKAGE

The White House acknowledged the NBER's declaration, but said that did not change its course on coping with the financial crisis that has raged since August 2007.

"The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that's where we'll continue to focus," White House spokesman Tony Fratto said.

President George W. Bush is the first president since Richard Nixon to preside over two recessions.

Several key Democratic lawmakers said the NBER's pronouncement underscored the urgent need for another dose of government spending to kick-start the economy.

"The announcement simply makes official what we have long known -- with rising costs of living, rising unemployment, record foreclosures and depleted savings, we must do more to help families make ends meet," Senate Majority Leader Harry Reid said in a statement.

"With the cooperation of our Republican colleagues, we intend to send a (fiscal stimulus) plan to the White House as soon as possible following President-elect (Barack) Obama's inauguration next month," he said.

Lawrence Summers, one of Obama's top economic advisers, said the pace of the downturn was "accelerating."

"That is why President-elect Obama has set as his top priority passing an economic recovery plan," Summers said in a statement.

Democrats in the House of Representatives will likely seek a stimulus package costing about $500 billion, a Democratic aide said on Monday.

The NBER is well known for taking its time in declaring when recessions begin. The group did not declare March 2001 as the start of a recession until November of that year, which the group later pegged as the end of the downturn.

Economists polled by Reuters expect the U.S. economy to contract in the first half of 2009, and then grow modestly in the latter part of the year. If the economy continues to contract through June, this would most likely rank as the longest recession since the 1930s.

Copyright 2008 Reuters. click for restrictions

Like most people, biologist and science journalist Matt Ridley just wants the truth. When it comes to the origin of COVID-19, that is a tall order. Was it human-made? Did it leak from a laboratory? What is the role of gain-of-function research? Why China, why now?

Ridley's latest book, "Viral: The Search for the Origin of COVID-19," is a scientific quest to answer these questions and more. A year ago, you would have been kicked off Facebook for suggesting COVID originated in a lab. For most of the pandemic, the left practically worshipped Dr. Anthony Fauci. But lately, people have been poking around. And one of the names that appears again and again is Peter Daszak, president of EcoHealth Alliance and a longtime collaborator and funder of the virus-hunting work at Wuhan Institute of Virology.

If you watched Glenn Beck's special last week, "Crimes or Cover-Up? Exposing the World's Most Dangerous Lie," you learned some very disturbing things about what our government officials — like Dr. Fauci — were doing around the beginning of the pandemic. On the latest "Glenn Beck Podcast," Glenn sat down with Ridley to review what he and "Viral" co-author Alina Chan found while researching — including a "fascinating little wrinkle" from the Wuhan Institute of Virology called "7896."

Watch the video clip below or find the full interview with Matt Ridley here:

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

Dr. Anthony Fauci's arrogance is out of control and Sen. Rand Paul (R-Ky.) is one of the only members of Congress calling him out to his face. Last week, Glenn Beck exposed the truth about what happened leading up to the COVID-19 pandemic, who the top players in government and science were, and what their real response was in the first days of the pandemic during a live special, "Crimes or Cover-Up? Exposing the World's Most Dangerous Lie." Sen. Paul joined Glenn on the radio program to review some of the facts uncovered during the special and to explain his next steps moving forward in Congress.

Paul said it's "amazing" that so few on the opposite side of the political aisle seem to care about the dangers gain-of-function research poses to the world. COVID-19 has a 1% mortality rate yet it still managed to cause massive destruction around the world, he said. So, what if the next mistake results in a leaked virus with a 50% mortality rate? Because scientists are researching viruses as dangerous as that, Sen. Paul explained, and some — including Fauci — believe the risks are worth it.

"It is kind of amazing, particularly that no one from the opposite side of the aisle seems to care at all about the dangerousness of this virus and that it might have come from a lab, and in all likelihood did come from a lab," Paul said. "Not one Democrat is curious at all. You know, you would think that Democrats have at least some sensibilities about the danger of things. They tend to be the ones who want to regulate away the things that could be dangerous in the workplace. Yet they don't seem to care about something that could kill millions and likely did kill millions of people. This virus has a 1% mortality and killed 5 million people so far, around the world. Can you imagine if the next one that comes out of the lab has 15% or 50% mortality? And they are doing experiments, as we speak, with viruses that have 50% mortality, and Fauci seems to have no problem with this. He says we weigh the risks verses the benefits of the research, and he comes down on the side that the risks are worth it."

"All of humanity could be wiped out if they make [another] tragic error," Glenn responded. "This is not something that the elites should be the ones making the decision. We should all be involved in these decisions. There's no bigger decision to make than, 'should we be playing around with things that don't exist necessarily in nature that have jumped to humans?' Should we be playing around with these things, making [dangerous viruses], so in case it jumps to humans, we can kill it with a vaccine? This is insanity. Insanity. Especially with arrogance coupled to it."

Sen. Paul went on to point out the additional dangers of allowing any one person to have too much authority, particularly, as in the case of Dr. Fauci, a person with casual disregard for both science and individual liberty.

"Fauci not only has a casual disregard for science, but also for individual liberty. You combine the two — ignoring the science, and then having no regard at all for individual liberty — and you have a really dangerous situation. But it's also dangerous because we've centralized the authority," Paul explained.

"Look, I have opinions on where the virus came from. I have opinions on how to treat it. But they're my opinions, you don't have to take them. If you agree with me, you can listen to my opinions. With Dr. Fauci, it's not the same. He has opinions, but he wants you to be forced to do as he says. So it is the difference between coercion and freedom. And in freedom, there are many choices. But the real danger is, as we centralize authority, ultimately you get authoritarianism. And I think that he could easily be a medical dictator, if he were allowed to be."

Watch the video clip below to catch more of the conversation, or watch Glenn's special, "Crimes or Cover-Up? Exposing the World's Most Dangerous Lie," on YouTube or BlazeTV.com now.

Use promo code FAUCILIED for $25 off when you join BlazeTV.

Note: The content of this clip does not provide medical advice. Please seek the advice of local health officials for any COVID related questions & concerns.

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

COVID-19 changed everything. The way we live our lives, how we operate our businesses, how we see each other. And now, the federal government is sinking its tendrils even deeper, threatening the fabric not only of our bodily autonomy, but of the republic.

Our American way of life may never be the same. To save it, we must understand the key fundamentals of the pandemic that transfigured our society into the nightmare it is today. What is the COVID-19 origin story? Who are its top players in government and science, pulling the strings? What was their REAL response in the first days of the pandemic? The answers to these questions are frightening.

Emails, documents, and federal contracts tell a dark story that is still dominating our lives. It's time to cast a light on the shocking truth. Because only with the truth can we emerge from the darkness of this "pandemic" and take back the liberty stolen from us.

This is Glenn Beck's most important chalkboard of his life. And the most pivotal time in yours.

Watch the full special below:

View the research and supporting documents for this special here.

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.