Are We In A Recession?

So everybody is talking about recession and inflation these days. I am no economist, but even I could have predicted inflation months ago. Are we in a recession? I believe so.

So why am I talking about all this? I am interested in all things human. And our economy and world issues are directly related to figurative and portrait paintings that I produce. I believe that painting portraits of those that are living through this time needs to be captured, because it is human experience—this is our experience.

The theme painting for this portrait is the portrait of Arielle that was completed at the end of June as inflation boomed and recession loomed.

So Are We Really In a Recession?

Here are 3 reasons that lead me to believe that we are in a recession:

  1. High Gas Price – The cost to fill up cars increased from $2 per gallon to $4 to $7 per gallon in the recent months. These cost have started to come down, but the gas prices still remains high. And, in short months, cost of almost everything has gone up to balance things out.
  2. Many NYC Stores Remain Closed – Some of my favorite stores in New York City are closed or forced to close. As a related observation, NYC still feels half empty.
  3. Definition of Recession – As of last week, the U.S. confirmed two consecutive quarters of decline in a country’s real gross domestic product (real GDP). That means we are in a recession… isn’t it?

What Now?

Given the ongoing war between Ukraine and Russia, and continuing issues around the world, it would actually be strange if economy would be normal. While recession and inflation are important topics, I believe these are symptoms that were caused by the real issues that need to be addressed.

And it is difficult to identify the real issues these days. I would tell you what they were if I am sure of them, but I do not know for certain. I could take a swing at it, but I am sure you can, too.

On a brighter note, I have reached yet a milestone in my artistic journey in recent weeks: I am now better at seeing and mixing skin tones.