US Economy Will Spend Decade in ‘Inflationary Depression,’ Economist Schiff Warns

Famous investor predicts this recession will be worse than what transpired more than a decade ago

Traders work on the floor of the New York Stock Exchange on June 10, 2022. Spencer Platt/Getty Images

Following a 0.9 percent contraction in second-quarter gross domestic product (GDP), experts are debating if the U.S. economy has slipped into a technical recession.

Economists at the National Bureau of Economic Research, 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.