The fiscal cliff is looming, which is drumming up talk about a future recession, but one economist says that the nation is already in a recession. Lakshman Achuthan of the Economic Cycle Research Institute states that the nation is already a few months into a new recession and has a rebuttal for anyone that points to job growth as proof that the nation is not in a recession. Three of the last 7 recessions started with job growth so that, alone, is not enough to disprove his claim. The bad thing about recessions is that you can't pinpoint if one has started until several months after the fact and so the nation is in wait-and-see mode.


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Watch: Are we in a recession?
CNN's Ali Velshi speaks with economist Laskhman Achuthan about the state of the nation's economy.