THE ECONOMY: Don't Say That Word!

Don't Say That Word!

Now that most private economists have declared that the U.S. is in a recession, top government leaders began edging toward the R word last week. Federal Reserve Chairman Alan Greenspan became the first to acknowledge that the economy is shrinking when he told a congressional committee that "a meaningful downturn" had occurred in October and November and the GNP would probably decline for the fourth quarter as a whole. But Greenspan stopped short of calling the downturn a recession, which is officially defined as two straight quarters of a falling GNP. Said he: "We won't know whether it is the beginning...

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