Random thoughts about our economy.

First is that we will have to come up with a new word for a sluggish economy. Or a new word for recession.

We need one or the other because too many people abuse the word “recession.” Too many tell me or us we are in a recession. Or have been in a recession.

I tell as many as I can that we are not in one. And have not been in one.

 “But Tom, you haven’t talked to ...” “You’d call it a recession if you were in our boots.”

What they mean is they don’t like this sluggish period. But they don’t know what to call it. Meanwhile, lots of writers and tv talkers describe the period as a recession. They either want to scare us, or they don’t know any better.

They refuse to accept that “recession” has traditionally been defined as two consecutive quarters of negative growth in our economy. (We have not have one yet.)

“Yeah, but look at gas and food prices! Look at the housing figures! Look at the businesses going under. If this ain’t a recession, I don’t know what is.”