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Monday, December 01, 2008

Recession now official

The NBER has finally decided that the US is in a recession, according to this AP story. They've also decided that we've been in a recession since December, 2007.

Not much surprise here to anybody.

But in a continuation of the type of spin doublespeak common in politics lately, the White House won't use that word:

The White House commented on the news that a second downturn has officially begun on President George W. Bush's watch without ever actually using the word "recession," a term the president and his aides have repeatedly avoided. Instead, spokesman Tony Fratto remarked upon the fact that NBER "determines the start and end dates of business cycles."