No recession until the neighbors have to sell the snowmachines, four-wheelers, and dirt bikes they bought their darling sons so that they may put food on the table.
The recession starts tomorrow. A large number of tax returns that I've prepared this spring have more AMT, and substantially more capital gains taxes from capital gains distributions in mutual funds.
That means a larger tax bite than was expected by these folks. Money that may have been set aside for a summer trip is now going to Uncle Sam and state and local governments.
OTOH, I could be full of BS. At least I'm willing to admit it, unlike our Senators in the House of Lords.