GDP
Do a little research on how our GDP is calculated and you'll find something very alarming. The formula never changed along with the changing demographics of our economy.
A huge amount of our economy today is controlled by firms that used to have their workforces and factories within our borders but now outsource a great deal of their manufacturing and support to other countries. The formula was never adjusted for that major shift. If the definition of a recession is based on a faulty formula could it be that definition might need to be redrawn?
Call it what you like but the fear and devastation of today's financial situation is as great or greater than the myriad of recessions I've seen in my lifetime. If it walks like a duck......
Art