The data and the following text are from James Pethokoukis of the American Enterprise Institute:
If the above forecast is correct, the National Bureau of Economic Research might wind up declaring that the U.S. economy slipped back into recession in late 2012 even though the economy was actually not yet contracting at that point.
And if that happens, economic historians might well shove aside the weak three-year recovery and call the entire 2007-2013 period the Long Recession or some such. I already have been, just like the 1980-82 period was a long recession, two downturns sandwiching a brief recovery.
This will not be just a long recession but a very long recession and it will be worldwide. Will we then, maybe, just maybe, finally then rid ourselves of this Keynesian economic madness?