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The Council defines a recession as a pronounced, pervasive and persistent decline in aggregate economic activity.

Paul Krugman has defined a category of economic arguments as ‘cockroaches’ on the grounds that, like the insects, ‘no matter how many times you flush them down the toilet, they keep coming back’.

Blessed be the God and Father of our Lord Jesus Christ, the Father of mercies and God of all comfort, who comforts us in all our affliction, so that we may be able to comfort those who are in any affliction, with the comfort with which we ourselves are comforted by God.

For as we share abundantly in Christ’s sufferings, so through Christ we share abundantly in comfort too.

Greece’s debt to GDP ratio is higher than it was in 2010.

Under Macpherson’s bizarre definition, even Greece – where the state wage bill has been cut by a third and which the IMF calculates has undergone a structural fiscal adjustment of 16 per cent of GDP – never experienced austerity. ” argument cites the fact that total UK public spending in both cash and even inflation-adjusted terms is higher than it was in 2010.

From the nineteenth century to the present, it distinguishes between three types of events: major recessions, bank panics, and periods of bank failures.

Moreover, demand on certain sectors of state spending, such as health and pensions, have risen for structural demographic reasons, meaning almost every other area has had to bear far bigger reductions than these aggregate figures suggest.

“Without further austerity we will suffer a fiscal crisis” In her response to Jeremy Corbyn in the House of Commons last week Theresa May resurrected the argument that the UK would turn into Greece, with spiralling interest rates and a fiscal crisis, if she acceded to Labour demands for higher public spending.

Paul, an apostle of Christ Jesus by the will of God, and Timothy our brother, To the church of God that is at Corinth, with all the saints who are in the whole of Achaia: Grace to you and peace from God our Father and the Lord Jesus Christ.

Economists, as their studies go further back in time, have a tendency to rely on highly unreliable data series that exaggerate the number of recessions and panics, something most strikingly but not exclusively documented in the notable work of Christina Romer (1986b, 1989, 2009).

So I have created a revised chronology in the table below.

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