I am Long JCP and disagree with ALLORO on just about everything he ever posts here. Except this topic....Barry the destroyer & the dems own this bad economy, hands down. You would have to drink a lot of Kool Aid to see it otherwise. Good Luck with JCP
The lack luster economy is due to two conditions that neither the Fed nor the US government understands. Firstly, all innovation stems from a new material discovery. I'll give you a couple examples: Stone Age, Bronze Age, Iron Age, Steel, Reinforced concrete, plastics, semiconductors. The last has been almost completely exploited, so additional productivity gains due to new investment in innovation will be very limited. (The success of the Roman Empire has been attributed to their discovery of concrete.)
Secondly, about 3 1/2 cents of each dollar spent in the USA goes to a foreign country, and is returned to the USA for the purchase of treasury securities. No country can survive for long with such a large current account deficit. It continuously drives employment downward below what it would otherwise be, and can only be offset by borrowing more money. Increased borrowing for consumption places the country deeper into debt.
These two conditions completely explain the economy in the USA since 1980, including the fact that the 10yr rate is now lower than most think it should be. All politicians are to blame.
I provided a definition of recession (since you seemed not to know that) and a fact. I did not claim we are in a recession or will be.
I'll repeat it for you here. Read slowly and carefully and don't be afraid to look up the longer words like "consecutive" and "national".
"A recession is two consecutive quarters of falling real gross national product. The first quarter of this year was minus 2.9%."