I'm not an economist, but I do remember a few things from the economics courses I've taken. I've also been around long enough to know the following from experience: In a free market economy recession is part of the economic cycle. Whether you call the current economic condition a recession or a slowdown, it still hits our pocket books.
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“I’ve also been around long enough to know the following from experience: In a free market economy recession is part of the economic cycle.”
This is only partly correct. A free-market economy does have recessions. However, a free-market economy does not have a business cycle. The boom and bust cycle is instigated by the Federal Reserve, as it creates credit bubbles, which lead to production and investment bubbles, which eventually break, and then the FED restarts the process all over again, by cutting discount interest rates.