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People are calling it a slowdown because unfortunately, there is an actual definition for a "Recession", and that hasn't happened yet. It may happen, but guessing what may happen and declaring that something has happened are very different.
RI Jimmy - which part of what I said was incorrect?
The US economy is based on consumer spending. If people stop spending, it will ruin the economy. They were predicting riduculous gas prices - predictions that were wrong. Things will improve. If people actually do stop spending, it will get a lot worse before it gets better.
Do you think the economy will be slow forever? I don't. Did you think it would be good forever when your neighbor who makes $50k somehow bought a $400k house? Like magic, but with consequences.
The US may end up in a recession. It's happened before, it will happen again.
The difference is the coverage. This is the first one since the post-9/11 escallation in news coverage. The news media is not out to serve the public, they're companies that make money based on how many people watch. No different than any other advertising. Their product is the information. The more interesting the information, the more money they make.
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