U.S. fallen into ‘a recession of choice.’

The “well-respected” Economic Cycle Research Institute has been “reluctant to join the rising tide of economists arguing that the economy has fallen into a recession.” But today the economic forecasting firm changed course and said the economy is now in a “recession of choice.” ECRI managing director Lakshman Achuthan placed the blame on Congress and the Bush administration for acting too late. “If they had done all this in the fourth quarter, I think we’d be having a different discussion,” he said.