National Bureau of Economic Research Sets the Record Straight on 2001 Recession
The next time you hear George W. Bush claim the economy is still in a recession, or is still bad due to Bill Clinton, 9/11, or a war he created, remember this information. The National Bureau of Economic Research, which is the group credited with determining the length and strength/weakness of recessions and growth cycles, came out today to clearly establish that the 2001 recession Bush blames Clinton for lasted only eight months, from March 2001-November 2001. The NBER data indicates also that the alleged drag of 9/11 on the economy that Bush claims exists even today ended in November 2001 as well, since that is the date of the economic trough.
Then there is this nugget buried deep in their report:
The committee decided that following NBER procedures, a renewed decline in activity would be identified as a new recession rather than a continuation of the 2001 downturn.
In other words, any new economic downturn is not due to the lighter-than-normal recession whose seeds may have been planted in the Clinton years, but squarely due to the policies and actions of the Bush Administration.