Sorry. A contraction if you consider going from a +4 to +1 percent GNP growth rate in two years. Enough of a contraction (plus losing $ exchange rates) to put a lot out of business. Typically, the better survive, and the worse do not.Sorry to tell you, even the professionals can't understand why we are not in recession, we have 2.5% inflation, in a recession, inflation goes down.
Sorry to tell you, even the professionals can't understand why we are not in recession, we have 2.5% inflation, in a recession, inflation goes down. You, perhaps, should go read a good economics book. Recession is the contraction of business. Even in a recession you can have inflation. You are thinking of deflation.