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Looking it up on-line it stated that if the financial events go on for three or more quarters, etc. Yet, I still found it challenging to comprehend the difference between economic recession and depression. Sights I read sounded like “government” language.
Seeking more “regular citizen” language for comprehension. Any added examples for easier understanding is appreciated. Thanks.
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When it shows to be “obvious” to citizens that environment of recession, or depression, is going on, why is it stated by the president at the time that the country is not in a recession, or depression ? Just to calm the citizens ?
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Sell and Rent Back
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{ 3 comments… read them below or add one }
A recession is when the total market value of the economy (Gross Domestic Product) declines two consecutive quarters (about 3 months). A depression is an severe and unusual (not consider part of the business cycle) recession and rarely happens.
Technically it is not a recession because real GDP has been positive in the last two quarters but that’s just splitting hairs.
It’s a matter of personal interpretation, usually determined by one’s political opinion, proving as usual, that politics is the problem, not the solution.
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