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I believe we have technically been in a recession since April.
Everyone seems to be forgetting that interest rates have been kept at near zero for way too long-basically since the last recession. Those of us who have some years under their belt remember that for the bulk of our lives a 6 something% mortgage rate was considered a good rate.
This shouldn’t cause the economy to go into a tail spin, not time to panic just yet, however the fuel prices are what is causing real damage since it affects literally every good and service we buy, its going to be hard to control inflation when the cost of doing business has gone up by a chunk.
Of course a true economist- which I am not-might point out that the amount of government debt we are carrying is going to be the true downfall of our current situation, but in the end we are still better off than the rest of the world as far as that goes, so the new theory that we can’t borrow too much money may actually prove true (sic)
Throw in the student loan debt (crisis honestly) and you have recipe for terrible tasting cookies. I don’t know if the 43 million borrowers in our country can/will handle making the payments again in August.