Warren Buffett said in an interview with Germany’s Der Spiegel, published last Saturday, that the US is “already in recession”, even though “perhaps not in the sense that economists would define it”, and “it will be deeper and last longer than many think”.

How does an economist define a recession? This is associated with a decline in the country’s GDP (gross domestic product) or negative real economic growth for two or more consecutive quarters.

Buffett says “people are already feeling the effect” of recession, and how true he is! If you do regular chores, like buying grocery or gas for your car, you know this is mighty tough time we are going through. But well, if there is one thing we learned from economic history, tough times never last.

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