Summary:
Regardless of how the government arbitrarily defines “recession,” it is still a fact that the economy as a whole is producing less goods and services. That it is creating more jobs to produce less product is not a good thing.
Additional Reading:
The General Theory of Employment, Interest, and Money (Keynes)
Economic Sophisms and “What Is Seen and What Is Not Seen” (Bastiat)
The Politically Incorrect Guide to Economics
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It makes a great introduction to the government’s most economically damaging institution for liberals, conservatives, libertarians, socialists, and independents alike.
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