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.

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Former Minneapolis police Officer Derek Chauvin is facing several charges for his role in the death of George Floyd. But attorney Andrew Branca, who specializes in self-defense law, joined Glenn Beck on the radio program Tuesday to explain exactly what must be proven in order for those charges to stand.

Did Chauvin act reasonably in the context of the entire situation? Were his actions directly responsible for Floyd's death, or could it be blamed on factors beyond Chauvin's control?

Branca also argued that the prosecutor committed misconduct serious enough for a potential appeal, how political tension makes it "impossible" for a fair trial, why he would vote not guilty, and what sentence Chauvin is facing if the actual jury disagrees.

Watch the video below for more details:

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From food and job shortages to the prices of building materials "skyrocketing," the world is currently moving into what could be the "perfect storm" for politicians to push for a universal basic income, explained Glenn Beck on the radio program.

"We really need to look at the economy and be prepared for what is coming," Glenn said. "I feel like my job is to warn you of the things that are coming and, when I can, give you ways to navigate around. But at least so you can hear the warning and decide yourself what you're going to do with that."

Glenn explained that now, for the first time, there is a shortage of starter homes and building supplies just as increasing numbers of millennials are in the market. Also, analysts are predicting that shortages of food items and products such as pork, polystyrene, and chlorine could send prices soaring. Then there's the matter of unemployment, kicked off by the COVID-19 pandemic and likely to worsen because of the technological revolution, there are going to be fewer and fewer jobs for people to do.

"We are creating this perfect storm, right now, where universal basic income is going to be embraced by people," Glenn warned. "It's just this nasty cycle that we're beginning, and we're watching it unfold right in front of us."

Watch the video clip below to hear more from Glenn:


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More than 100 business leaders and CEOs from some of the world's largest corporations recently met during a Zoom meeting to discuss how they can band together to fight "election integrity laws," like the voting law recently passed in Georgia.

On the radio program this week, Glenn Beck explained how this government-corporation partnership is not only proof of fascism, but it is also demonstrative of how our lives will be under The Great Reset: government and large corporations will work together to set the rules, and the freedoms of the individual American will be squashed.

"I want you to understand ... everything that they have ever said about, 'oh, it's a conspiracy theory' about The Great Reset, you can throw that in the garbage now," Glenn began. "Something happened this weekend that is absolutely unprecedented. I have done this job, for ... I don't even know how many years, almost 50 years, and I've never seen anything like this.

"People that were on the [Zoom] call, they talked about potential ways to show how they opposed the legislation, including ... delaying investments in states. That's blackmail," Glenn continued.

"So these corporations, they're going to act as a — what? A secondary government? ... I don't know. I didn't elect the CEO of Merck. Did you?" he said.

"Corporations [are] openly meeting and coordinating efforts to change laws," Glenn added. "This is fascism, guys! Fascism is when government and corporations work hand in hand. That is fascism."

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A virus has escaped the university labs and is super-spreading through our culture. It's called Critical Race THEORY and what used to be a fringe topic in the academic world is now a dangerous Marxist REALITY infecting our public schools where students are taught the U.S. is a "parasitic system" based on the "invasion" of "white male settlers."

On Glenn TV this week, Glenn Beck exposes how some teachers are being instructed to "cash in on kids' inherent empathy" in order to train them to become "activist intellectuals," starting as early as first grade.

CRT is an absolute toxin to America and Glenn warns that in just one generation the Constitution, freedom, and true equality will be totally destroyed. Yet, any opposition to the spread of this disease is shouted down as racism and bigotry. If Critical Race Theory is not already in your local school curriculum, it will be soon.

Joined by Asra Nomani, Vice President for Strategy and Investigations at Parents Defending Education, Glenn arms you with the facts about CRT so you can stand up to this tyranny in your community.

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