There are two kind of recessions. The one most people relate to where unemployment soars in the face of layoffs and the one where everyone gets poorer even as they have full time jobs due to inflation.

Think of economy as a pie. The pie gets smaller. In most recessions that translates into a few people getting no pie. But in this recession, it means everyone gets a smaller piece of pie.

I see recession all over the place. Talk to someone about how much less purchasing power they have today than three years ago.

Don't confuse a shrinking pie, with the idea that everyone is still getting a slice.