From what I've read, it is unclear if we are going to officially enter a second recession, but if we do, it will be bad.

An excerpt from the above link:
"There is at least one factor, though, that could make a second downturn feel milder than the first: corporate profits. Corporate profits are at record highs and, adjusted for inflation, were 22 percent greater in the first quarter of this year than they were in the last quarter of 2007.

Nervous about the future of the economy, corporations are reluctant to make big investments like hiring. As a result, they are sitting on a lot of cash."

The classical economic models they taught us in school say that a drop in demand will lower the price of the good. The Bureau of Labor Statistic's Consumer Price Index tells us that the "all items index increased 3.6 percent before seasonal adjsutment." You know, it is simple supply and demand. Demand decreases and... the price increases.

I move to enter this as Exhibit A in the case of
where-the-fuck-are-your-classical-microeconomic-models-now
v.
income-inequality-is-at-an-all-time-high-and-income-taxes-on-the-wealthy-are-at-an-all-time-low-and-there-still-is-insufficient-consumer-spending