The Federal Reserve chairman, Ben S. Bernanke, declined today to say whether we are in a recession. The only reason to avoid doing so is that it would not be reassuring to admit the obvious. The National Bureau of Economic Research has yet to certify there is a recession, but otherwise there is no doubt.
In fact, just as he began his testimony, the Conference Board released its index of coincident indicators. That index not only confirmed a recession is under way, but it provided powerful evidence that it began in 2007, or in January 2008 at the latest.
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As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
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