We are all waoting, it seems, for the next recession. everyone knows that the business cycle hasn't been repealed, and so another recession is inevitable sooner or later. Some indicators now suggest that it might be sooner. The Conference Board's Consumer Confidence Index has declined for three straight months. In March, 30 percent of respondents said jobs are "plentiful"; now that's only 24 percent. All this inspires much hand- wringing and foreboding, because in our political and media culture a recession is regarded as a calamity, or something close to it.
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