In a meeting with The Washington Post's editorial board earlier this month, GOP presidential primary candidate Donald Trump said the economy was so dicey that the United States was headed for "a very massive recession."
As I noted on FOX Business' "Varney & Co.," I think we're already there, even if the Fed doesn't realize it yet.
Here's the thing – the measures the Fed uses to judge economic activity are based on a manufacturing economy that we enjoyed more than 100 years ago. They simply don't reflect the services-based system we live in presently.
The hard truth is millions of American families are living paycheck to paycheck. The economic "recovery" that the Fed and legions of economists are so proud of having engineered doesn't exist – and hasn't for a very long time.