"Just a note, recession strictly defined means 2 quarters of decline. If there is 1 quarter of decline, then 1 of gain, then another of decline, there is no rec

"Just a note, recession strictly defined means 2 quarters of decline. If there is 1 quarter of decline, then 1 of gain, then another of decline, there is no recession." True, but long periods of sluggish growth can be worse than a relatively short recession. Better to get the pain over with quickly than to spread it out over a long period - just ask someone from Japan about the 1990 to ~2004 period of very sluggish growth there. I'd much prefer a 1 or 2 year severe recession than a 14 year epoch of sluggish growth (and it can oscillate as you mention, going from positive GDP to negative and back again and still not be classified as a recession)