In Monday's episode of the”Your World” on the Fox News channel, House Majority Whip Rep. James Clyburn (D-SC) said that there's no doubt about the fact that “for a lot of people,” we're in a recession. He also said that “If you can't afford to buy gasoline, you are in a recession.” Clyburn said that even as the recession is raging, “The investor class” and corporate executives are doing fine and continue to make money, even though some private traders are bleeding money on the current market.
Host Neil Cavuto asked, “I believe that many people are worried about what's happening to the economy. The president thinks that there's no recession. There are those who disagree. In the interest of curiosity What do you think is the reason that we are currently in the midst of a recession?”
Clyburn said, “Well, for a large portion of us we're in a recession. There's no doubt about it. If you're unable to purchase gasoline and diesel, you're in an economic recession. The class of investors in the United States isn't losing money. Individuals? Yes. But investors, they still make a profit. Executives from corporations are making a lot of money. It's not the problem.”