Of course you don't, despite the CBO's predictions, the U.S. didn't enter a Recession in 2013. What did the CBO say would happen under the "alternative fiscal scenario", which included fiscal austerity induced by tax hikes?

With those and other policy changes contained in current law, the deficit will shrink to an estimated $641 billion in fiscal year 2013 (or 4.0 percent of GDP), almost $500 billion less than the shortfall in 2012 (see Summary Table 1). Such fiscal tightening will lead to economic conditions in 2013 that will probably be considered a recession, with real GDP declining by 0.5 percent between the fourth quarter of 2012 and the fourth quarter of 2013 [with unemployment at 9pc]

Under a scenario assuming no austerity:

In 2013, the deficit would total $1.0 trillion, almost $400 billion (or 2.5 percent of GDP) more than the deficit projected to occur under current law. The economy would be stronger in 2013: Real GDP would grow by 1.7 percent between the fourth quarter of 2012 and the fourth quarter of 2013 [with unemployment at 8pc]

How did the U.S. economy do in 2013? RGDP rose by 3.1pc (or 2.2pc depending on your aggregation method), and unemployment hit 6.7pc. Not only did the economy outperform predictions for fiscal austerity, it outperformed the predictions which assumed no austerity. All of this, bear in mind, when austerity as a result of tax cuts are worse than austerity as a result of spending cuts and most of the austerity in 2013 did indeed come from tax cuts.

What explains this? In December 2012, the Fed announced an expansion in its quantitative easing programme. Fiscal austerity is a non-issue given accommodative monetary policy.

No.. I remember that recession that began back in 2008 that is still going on. I don't understand how a huge lost and then a little gain can be considered the end to a recession.. A recession ends (in my book) when the status of the economy is the same or better than it was before it occurred.

*puffs pipe*

The near universal definition of a recession is "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." (NBER)  The United States was in a recession from late 2007 to mid-2009.

Thanks, Obama...?

Quote from: Forgewolf on February 14, 2015, 05:01:37 PM

Quote from: BrenMan 94 on February 14, 2015, 12:26:59 AM

Quote from: Forgewolf on February 13, 2015, 10:00:00 PM

No.. I remember that recession that began back in 2008 that is still going on. I don't understand how a huge lost and then a little gain can be considered the end to a recession.. A recession ends (in my book) when the status of the economy is the same or better than it was before it occurred.

*puffs pipe*

(NBER)  The United States was in a recession from late 2007 to mid-2009.

They can say that all they want.. to me.. its 2007 to the present. It'll be over when I see it, not when I hear it

Dunno what part of the country you live in, but here in central SC business is booming.  New stores and restaurants are opening up all over the place.

The effects might be less noticeable in a big city, but make no mistake. That boom you are seeing isn't going to last.