With all the talk of a recession these days, I'm not surprised that most people believe the U.S. is experiencing a catastrophic economic crisis. But that is not true. The U.S. economy is not in a recession.

A recession, by definition, occurs when the U.S. gross national product declines for two calendar quarters in a row. We have not experienced a decline for even one quarter for nearly seven years running. So let me repeat: We are not in a recession.

The economy does appear to ...

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