Richard Nixon said a recession was any time the
American people lose confidence in the future.
That seems to cover our current situation.
"The political process is broken, so the economy's going to tank. Bet on it. "
A recession is when the labor market starts to favor workers, which the Federal Reserve uses as a trigger to raise interest rates to the point that the economy stops growing. It's been that way for decades. The FOMC started operations in the late 1930's. They didn't always use interest rates to manipulate the economy. At one time they used reserve requirements.
In deference to Nixon, such manipulations can cause people to lose confidence and hope.