How to prepare for the recession
Pay no attention to the new market highs or the cheerleading of government officials - recession 2013 is already here.
That's what Lakshman Achuthan, co-founder and chief operations officer for the Economic Cycle Research Institute (ECRI), is saying now.
Achuthan told the Daily Ticker that ECRI believes the U.S. economy has been mired in a "mild recession" since the middle of last year.
And yes, he insists that recession 2013 is already underway despite record highs for the stock market and an obvious lack of the most widely accepted definition of a recession - two consecutive quarters of negative gross domestic product (GDP).
"What we see here ... are the hallmarks of a recession," Achuthan wrote in a report on the ECRI Web site. "Separately, we are not seeing signs of an imminent growth upturn that so many claim to see."
How to Prepare for Recession 2013
Restoration of the payroll tax and higher gas prices have put the squeeze on consumers, prompting nearly half of Americans to cut spending.
Is the combination of higher taxes and higher gas prices enough to bring on a recession in 2013?
Money Morning Chief Investment Strategist Keith Fitz-Gerald appeared Friday on FOX Business Network's "Varney & Co." to talk about the potential for an economic slowdown.