Answer the following questions: Based on the text and lecture materials, along with current data, make an argument for the state of the economy. Are

Answer the following questions: Based on the text and lecture materials, along with current data, make an argument for the state of the economy. Are we in a recessionary or inflationary gap? Neither? Are we in a deep recession? Are we in a large inflationary gap? If we are in neither, what direction (recession or inflation) is the economy headed in your opinion? [Note that you may use other data, in addition to BLS and BEA data, in your argument.]