The government is always the last to know
December 3, 2008 | On Monday morning the NY Times sent a "Breaking News Alert":
It's Official: U.S. Economy in Recession
The National Bureau of Economic Research, a panel of academic economists charged with the official designation of business cycles, said that the United States economy has been in recession since December 2007, when economic activity peaked.
With all due respect to the NY Times, that is not actually news. Everyone already knew that — except the bean counters in the government, apparently.
I know, there's some technical definition used by economists, but it seems to me a rather trivial accomplishment to define the obvious.
With perfect timing, two of my favorite cartoonists came out with amusing reactions to the news.
Last updated on Apr 13, 2018