The current government must convince Americans that even though the United States may be stuck in a difficult circumstance, the nation is moving in a more promising future. Two consecutive quarters of declining growth constitute a recession, according to the long-standing, widely accepted definition.

"I don't think the US is now in a recession," said Jerome Powell.

Can't believe we even have to say this, but you are wrong if you just went to the Senate floor and prevented payments for veterans who served our country in a war zone while being exposed to poisonous burn pits.

First, the technical reality: There is no linguistic, scholarly, or governmentally accepted definition of what constitutes a recession.

We do have a traditional understanding, which has essentially defined a recession as two quarters of GDP reduction.

The economy has shrunk for the second consecutive quarter. Gross domestic output, or GDP, shrank by 1.6 percent annually in the first quarter.

Yellen also mentioned how consumer spending has continued to be robust and she emphasised encouraging information regarding American credit quality.

Some economists define a technical recession as two consecutive quarters of contraction.

And for good reason: the US economy has been deemed to be in a recession 10 times out of the previous 10 times it has shrunk for two consecutive quarters.

So are we in a recession, really? It's hard to say. But here's why we may be. And why we may not be