Following a -0.9 percent contraction in the second-quarter GDP, experts are debating if the U.S. economy has officially slipped into a technical recession.
Economists at the National Bureau of Economic Research (NBER), the arbiters of what defines a recession, have yet to make their formal declaration. Until then, Wall Street and Washington will be debating whether the current situation counts as a recession.
While the opinions and analyses surrounding the state of the U.S. economy are mixed, famous economist and investor Peter Schiff who is the founder of Euro Pacific Capital, has a different perspective: The U.S. is slumping into an “inflationary depression.”…