WASHINGTON — Whether it’s President Joe Biden insisting a recession is avoidable or his critics arguing that the wolf is at the door, both sides are acting as though the nation faces an unprecedented catastrophe.
Partly it’s political theater. Biden fighting on behalf of an already beleaguered presidency and many of the doomsayers hoping a downturn could be the coup de grace for Democrats.
Behind the rhetoric, the reality is that recessions are a normal part of American economic life. The U.S. has had one on average every 6 1/2 years since 1945.
