Sometimes I think about how high price inflation can really help mask a recession. I'm not even sure what the current definition of "recession" is, since they changed it during the pandemic, but it's generally based on consecutive quarters of declining real GDP.

Since "real GDP" relies an an inflation adjustment, underreporting inflation makes real GDP look higher than it should.

I've been saying for a while that we've basically been in an economic depression since the pandemic started. I still feel pretty good about that claim.

Undisciplined

econ

Let's Be Honest: The Economy Is NOT Doing Well

> the US economy is already experiencing a private-sector recession but that government spending and hiring are propping up the official data enough to hide it.

I especially agree with this. 

> A recession is inevitable, thanks to the last decade of interest rate manipulation by the Federal Reserve—and especially to its dramatic actions during the pandemic. The recession-like conditions in full-time jobs is further evidence that Lacalle is right.