We aren’t going to argue with a Nobel Prize winner. And especially not about this:

“Is the U.S. in a recession? My answer is no. (Looking at the past four quarters) growth is a little bit below trend, not way below. Will the U.S. enter a recession soon? … No, not unless the U.S. increases tax rates or closes off from the rest of the world … or shifts to an anti-productivity policy, I doubt that will happen.”

– Edward Prescott, Senior Monetary Advisor for the Federal Reserve Bank of Minneapolis and 2004 economics Nobel Prize winner in a speech at the Bank of Finland on June 12.