Is a Recession Coming? Economists Disagree But People Say They're Worried

Those who say a recession is coming point to high gas prices

NBC Universal, Inc.

From gas to food to... well... everything... prices are up. Does this mean a recession is coming? Even economists don't agree.

John Rosen from the University of New Haven looks at high gas prices and says probably.



Watch NBC10 Boston news for free, 24/7, wherever you are.


Get Boston local news, weather forecasts, lifestyle and entertainment stories to your inbox. Sign up for NBC Boston’s newsletters.

"Throughout our history going all the way back to at least the 1950's almost every time oil and energy prices have gotten very high that's followed by a recession," he said.

But Peter Cohan at Babson College says a recession is not inevitable.

"The forecast for GDP growth is over 2-percent for 2022 which is not a recession. A recession is two quarters in a row of negative GDP growth," Cohan explained.

Rising gas prices that continue to break records in Massachusetts hit a new high overnight: a gallon of regular gas is now $5 per gallon.

People who spoke to NBC10 Boston and NECN on Tuesday are worried, though.

"I feel like a recession is coming. Unfortunately it's a snowball affect," said Everett resident Lowry Pereira. "Gas is up. Food is up. Everything is up. We don't know what to do anymore."

Revere resident Antonella Rubino also points to high prices.

"A pack of English muffins and when I just saw that it was $4.29 for a pack of English muffins, not even Thomas', I just put them right back. It's horrible."

As for who’s to blame? Rubino says, "It is who is managing the White House."

But fellow Revere resident Paul Ingalls disagrees.

"It doesn't matter who the president is. This still would have happened," Ingalls said. "If you had a Republican president, Democratic president, it still would have happened."

Contact Us