{"id":1158,"date":"2004-07-30T11:41:23","date_gmt":"2004-07-30T16:41:23","guid":{"rendered":"https:\/\/rojisan.com\/blog\/2004\/07\/it-wasnt-a-recession\/"},"modified":"2004-07-30T11:41:23","modified_gmt":"2004-07-30T16:41:23","slug":"it-wasnt-a-recession","status":"publish","type":"post","link":"https:\/\/rojisan.com\/blog\/2004\/07\/it-wasnt-a-recession\/","title":{"rendered":"it wasn&#8217;t a recession?"},"content":{"rendered":"<p>a few days ago,  i <a href=\"https:\/\/rojisan.com\/blog\/2004\/07\/american_income_falls.html\">mentioned<\/a> the two-year decline in american incomes.  the &#8220;escape clause&#8221; was that the income decline occured during a recession.  nevermind that other recessions since 1953 hadn&#8217;t produced income declines.  today,  that escape clause vanishes in the face of new economic data from the department of commerce.<\/p>\n<blockquote>\n<div class=\"sourcequote\"><a href=\"http:\/\/www.reuters.com\/printerFriendlyPopup.jhtml?type=topNews&#038;storyID=5828912\">US 2001 Slump May Not Have Been Recession at All<\/a> [reuters,  july 30, 2004]<\/div>\n<p>Not only was the U.S. recession in 2001 the shallowest on record, it may not have been one at all &#8212; at least in the classic sense of two straight quarterly declines, new government data show.<\/p><\/blockquote>\n<p>so american incomes fell, despite a &#8220;flat&#8221; economy.<\/p>\n<p><strong>update<\/strong> (2004.07.31):  somehow, i knew a &#8220;non-recession recession&#8221; would be irresistable over <a href=\"http:\/\/bigpicture.typepad.com\/comments\/2004\/07\/bush_recessions.html\" class=\"broken_link\">there<\/a>.   barry brings a different perspective (of course).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>a few days ago, i mentioned the two-year decline in american incomes. the &#8220;escape clause&#8221; was that the income decline occured during a recession. nevermind that other recessions since 1953 hadn&#8217;t produced income declines. today, that escape clause vanishes in the face of new economic data from the department of commerce. US 2001 Slump May [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[21],"tags":[],"_links":{"self":[{"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/posts\/1158"}],"collection":[{"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/comments?post=1158"}],"version-history":[{"count":0,"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/posts\/1158\/revisions"}],"wp:attachment":[{"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/media?parent=1158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/categories?post=1158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rojisan.com\/blog\/wp-json\/wp\/v2\/tags?post=1158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}